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Which statement about the financial year used for the Union Budget in India is correct?

India's financial year runs from 1 April to 31 March of the following year, and the Union Budget estimates receipts and expenditure for this period. It is not the calendar year or a July–June year, and it is not fixed afresh each year.

  1. AIt runs from 1 April to 31 March of the next yearCorrect
  2. BIt runs from 1 January to 31 December
  3. CIt runs from 1 July to 30 June of the next year
  4. DIt is the calendar year chosen by the President each year

Explanation

India follows a financial year from 1 April to 31 March, and the Budget is presented for that period. The January–December and July–June periods are used by other countries or other purposes. The President does not choose the year annually.

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