Budget 2020 ready reckoner: 10 questions you always wanted to ask

Income tax rates have been slashed, but can be availed only if the taxpayer lets go of most exemptions

1. What is the Union Budget
 

The annual Budget is a statement of government’s accounts, but also lays out the plan to mobilise resources to be spent on national development. But the money can be spent only after Parliament approves it.

2. How the Budget affects us
 

Central spending on roads, metro lines, agriculture helps in making our lives more comfortable. Focus on rural schemes makes the villages better off, boosts demand, incentivises formation of new companies, and creates jobs. The 2020 edition arrives when economic revival looks tough.

3. What is