What Taxes shall you pay for the Financial Year 2019-2020?
What Taxes shall you pay for the Financial Year 2019-2020? In India, every year , the Finance Minister announces an annual Union Budget for the upcoming financial year . According to Article 112 of the Indian Constitution, the Union Budget of a year (referred to as the annual financial statement), is a statement of the estimated receipts and expenditure of the government for that particular year . Annual Union Budget keeps the account of the government's finances for the fiscal year that runs from 1st April to 31st March. However, during the transition period, when a new government is due to take over, an Interim Budget is presented by the outgoing government before the General Elections for Lok Sabha (held every five years). The term 'interim' means temporary or for the time being . The Interim Budget contains detailed documentation of every expense to be incurred and every rupee to be earned through taxes in the coming few months until the new government comes t