Correct option is D
The correct answer is: (D) Article 112
Explanation:
Article 112 of the Indian Constitution refers to the Union Budget as the Annual Financial Statement (AFS). It mandates that the President shall lay before both Houses of Parliament
Article 112 of the Indian Constitution refers to the Union Budget as the Annual Financial Statement (AFS). It mandates that the President shall lay before both Houses of Parliament
a statement of the estimated receipts and expenditure of the government for a financial year. This document outlines the financial policies and allocations for various sectors.
Information Booster:
- The Annual Financial Statement (AFS) is divided into Revenue Account and Capital Account.
- The budget includes three types of funds: Consolidated Fund of India, Contingency Fund of India, and Public Account of India.
- The budget is classified into Revenue Budget and Capital Budget.
- Article 110 defines the Money Bill, which includes taxation and expenditure provisions in the Budget.
- The budget-making process is led by the Finance Ministry and presented by the Finance Minister.
Additional Information:
- Article 102 : Deals with disqualifications of Members of Parliament.
- Article 101 : Deals with vacation of seats and disqualification of MPs.
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