Arijit Basu Chowdhury is teaching live on Unacademy Plus
ECONOMICS Indian Fiscal System ARIJIT BASU CHOWDHURY Target WBCS(EXECUTIVE)
About Me Graduate in History from St.Paul's Cathedral Mission College, Kolkata Interests: Fitness, Current Affairs ,Burning Issues, Music, News Analysis . You can follow me on UNACADEMY https:/lunacademy.com/userlArijitBasuChowdhury Life has two rules: 1) Never quit. 2) Always remember Rule #1 . Rate, Review & Recommend
Indian Fiscal System Budget in the Indian Constitution Budget is an estimate of revenues and expenditure of the Government during a financial year (April-March). The Constitution of India defines Union Budget under the Article 112. . What are the constitutional requirements which make Budget necessary? Article 265: provides that 'no tax shall be levied or collected except by authority of law. lie. T axation needs the approval of Parliament. . Article 266: provides that 'no expenditure can be incurred except with the authorisation of the Legislature' [ie. Expenditure needs the approval of Parliament.] Article 112: President shall, in respect of every financial year, cause to be laid before Parliament, Annual Financial Statement
Indian Fiscal System When is the Budget presented? . The Budget is presented for the proceeding financial year on a day determined by the Parliament. Traditionally, it was presented on the last working day of February Who presents the Budget? . The Budget is presented by the Finance Minister of India. The Finance Minister delivers a speech while introducing Budget The Budget division in the Finance Ministry has complete responsibility over it, though it requires final approval from the Prime Minister. . What are the parts of the Budget speech? . Part 1deals with the general economic survey of the country and allocations for various sector; while,Part 2deals with the Finance Bill, which contains taxation proposals such as income tax revisions.
Indian Fiscal System What the Receipts and Payments Statement consists of? Consolidated Fund: Consolidated Fund consists of revenues received by the government and expenses made by it, excluding the exceptional items which are met from the Contingency Fund or the Public Account. No money can be withdrawn from this fund without the Parliament's approval. . Public Account: Public Account is meant for those transactions where the government is merely acting as a banker. This fund was established under Article 266 (2) of the Constitution. Contingency Fund:Contingency Fund is used to meet some urgent or unforeseen expenditure of the government. This fund was established by the government under Article 267 of the Constitution of India. The Contingency fund is at the disposal of the President.