Financial year and assessment year. Financial year (FY) runs from April 1 to March 31 of the next year; assessment year (AY) is the year following the FY. Tax on income earned in an FY is paid during the AY.
It all begins with the finance minister‘s speech in the Lok Sabha. The Budget is then tabled in parliament. Discussions on the economy and broad Budget measures take place without voting. The parliament then breaks for a three-week recess. Parliamentary Standing Committees give reports on ministries‘ estimates or demands for grants.
The exercise to make the Budget is a long-drawn one. It juggles political pressures, economy‘s priorities and utmost secrecy. Budget work begins in August with a circular to ministries and departments. They reply with details of funds they need.
The finance minister's Budget speech is a highly watched event. The annual Budget can augment or cut people's incomes.
With a view to helping businesses keep abreast of the latest developments so that they can safeguard the interest of their stakeholders, CNBC-TV18's ongoing series The Winning Leap - Season 2 provides some solutions.
Watch the interview of Rahul Agarwal, MD and CEO, Lenovo India with CNBC-TV18's Jude Sannith where he spoke on the road ahead for Lenova‘s prospects in India.
In what is being popularly called a surgical strike against black money, last evening Prime Minister Narendra Modi announced the withdrawal of Rs 500 and Rs 1,000 notes which were in circulation.
Watch the interview of Sanjay Jumani Numerologist with Manisha Gupta on CNBC-TV18, in which he shared his reading and outlook on the road ahead for various asset classes.
Watch Express Adda with Baba Ramdev where he spoke on diverse issues from politics to yoga to business.
The people of United States of America vote for their 45th President on November 8. Two presidential hopefuls -- Republican candidate Donald Trump and Democrat candidate Hillary Clinton -- have had two rounds of debates with one more to go.
Recognising the social entrepreneurs and celebrating their innovation and social impact that they have made to the society
All six commissioners of the United States International Trade Commission (USITC) voted to determine that there is a reasonable indication that the US industry is materially injured by imports of certain new pneumatic off-the-road tyres from India that are allegedly sold in the country at less than fair value
In a conversation with CNBC-TV18, Hakan Bukshe, SAAB‘s CEO & President says that the JV with Kalyani Group will include production and developments in India.
The Central Board of Direct Taxes (CBDT), the nodal authority for framing policies for the IT department, has also asked tax officials to issue orders in writing in these cases instead of just uploading them to the taxpayers' e-filing account.
In his keynote address, the "Vishwaroopam" star, who is a part of the reform committee that is going to recommend changes in the functioning of Central Board of Film Certification in India, said freedom of speech should not be taken for granted.
Watch top 8 teams battle it out at Bhopal finals of NSE Funancial Quest Season 5.
Addressing the India Road Safety week organised by NDTV and United Spirits this evening, the minister said the Bill has been prepared in consultations with experts from Britain, the US, Japan, Germany and Singapore and therefore we are hopeful the Bill will pass the Parliamentary muster.
CARB said VW's proposals for its 2.0 liter diesels, submitted in November, "lack enough information for a technical evaluation" and "do not adequately address overall impacts on vehicle performance, emissions and safety."
Union Agriculture Minister Radha Mohan Singh today said the Centre will soon launch a new software to enable e-connectivity of agricultural markets in the country.
With serious allegations of leaky nuclear reactors and poor security levelled against India's nuclear programme, Atomic Energy Commission chief Sekhar Basu brushes aside these charges saying this is a "well designed agenda" to "stall or delay" the country's development.
Centre approves Rs 2,443 cr in disaster aid for 4 states
Even as India is being targeted for expanding coal usage for energy production, a Delhi-based green NGO today said that focusing only on coal and India is an "unnecessary distraction" and creating "bad blood" at the climate conference here and is a "well planned campaign".
Rijiju, Union Minister of State for Home, said it has now proved that Congress has made a mistake by levelling the allegations that there was an atmosphere of "intolerance".
Aangan is a child protection organization that promotes safe communities for children with a focus on children in dangerous or difficult situations and environments.
This week on Overdrive, Jamshed Patel drives the all new Mercedes-Maybach S600 and on the other hand he hits the road with 2015 Audi S5. Also, Bertrand D‘Souza answers all the viewer queries in 'Auto Selector'.
