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CSEET · Economic and Business Environment · Indian Union Budget

Under Article 112 of the Constitution of India, the document that the Union Government places before Parliament for every financial year is formally known as:

The Annual Financial Statement is the formal name of the Union Budget under Article 112. It shows the Government's estimated receipts and expenditure for the financial year. The Appropriation Bill and Finance Bill are different instruments that give legal effect to spending and taxation proposals.

  1. AAnnual Financial StatementCorrect
  2. BAppropriation Bill
  3. CFinance Bill
  4. DVote on Account

Explanation

Article 112 requires the President to lay before Parliament an Annual Financial Statement showing estimated receipts and expenditure for the year. This is what is popularly called the Union Budget. The Appropriation Bill and Finance Bill are separate bills introduced later to give effect to the expenditure and tax proposals.

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