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Union Budget or general budget is the list of all planned expenditure and revenues of the Government. It is also known as the Annual Financial Statement.The union budget of India is presented by the Finance Minister on the last working day of February.

The union budget of India has two components :

1. The Income and Expenditure Statements

2. Finance Bill

Finance bill contains the proposals for changes or amendments in tax rates or other provisions related to direct taxes. The finance bill is then discussed in the parliament and after it is accepted by both the houses i.e The Lokasbha and The Rajyasabha it is known as the Finance Act .

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