BUDGET GLOSSARY:-
The government's annual budget exercise is no different from the way we all manage our household budgets. The only difference: the former's intimidating jargon. Team ET simplifies the important budget items for its readers in a five-part series. We have, however, departed from the usual way glossaries are presented, in alphabetical order, to a flow-type format wherein terms are explained as the reader would encounter them in the budget. Read on
ON the budget day, the finance minister tables 10-12 documents. Of these, the main and most important document is the Annual Financial Statement.
ANNUAL FINANCIAL STATEMENT:-
Article 112 of the constitution requires
the government to present to the Parliament a statement of estimated
receipts and expenditure in respect of every financial year, April 1
to March 31. This statement is the annual financial statement.
The annual financial statement is usually a white 10-page document. It is divided into three parts, Consolidated Fund, Contingency Fund and Public Account. For each of these funds the government has to present a statement of receipts and expenditure.
The annual financial statement is usually a white 10-page document. It is divided into three parts, Consolidated Fund, Contingency Fund and Public Account. For each of these funds the government has to present a statement of receipts and expenditure.
