The government is all set to overhaul the union budget from 2017. With this mission in mind finance ministry is likely to present the proposal to the Cabinet, when it meets next week. The proposal is to advance the budget presentation by a month to the last week of January from next year, move to “outcome-based budgeting” and merge the rail budget with it. “The PM has given a go-ahead to the proposals and finance ministry will get it cleared by the Cabinet at the earliest,” said an official in the finance ministry who did not wish to be quoted. He added that the urgency is keeping in mind that there are barely four months to go if the budget has to be presented in January. Though the budget is presented in February, several tax proposals kick-in only from June after Parliament passes the annual finance bill in May. Income tax changes come into force only after the finance bill is passed, but these are retroactively implemented from April 1. “By advancing the budget all the co