Dear Readers,
As all of you are aware that Budget Session of Parliament started from today and many important topics/bills are expected to be presented on the floor of parliament. Friends, the Budget is presented every year and we keep reading important points. But this time we are here with a whole new series where the Budget will be discussed in a layman form. From parliamentary terms to their definition and meaning, you will find all the important details in this series. And not only that, this will also have the comparison with last year's budget.
So now lets discuss some key feature regarding Budget :
The word Budget is derived from old French word “bougette” is a quantified financial plan for a forthcoming accounting period.
The Article 112 of the constitution of India states the Union Budget of India as the Annual financial statement which is a statement of the estimated receipts and expenditure of the government for that particular year. It is presented each year on the last working day of February by the Finance Minister of India in Parliament. It keeps the account of the government's finances for the fiscal year that runs from 1st April to 31st March.
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