How to decipher Budget's impact on your finances

Understanding the Union Budget may not be an easy task.

- BINDISHA SARANG

But there are several announcements which directly or indirectly affect the common man, and people want to know more about it. Here are a few tips on the key aspects they should focus on to know how this exercise will affect their finances.

"The Union Budget outlines the government's financial plans and policies for the coming fiscal year," says Amit Bansal, partner at Singhania & Co.

It provides information on the capital budget (government's capital payments and receipts) and the revenue budget (revenue expenditures and receipts).

Begin by listening to the Finance Minister's (FM) speech.

This will give you an overview of the government's economic policies and priorities. Take note of anything you think may affect your finances. Once the speech is over, go to the following URL: www.indiabudget.gov.in. Download the FM's speech. It has two parts: A and B.

Part A focuses on the macroeconomic aspects. It provides an overview of the economy and includes Budget estimates for various expenditure items in the upcoming financial year.