Read the following statements carefully and choose the correct alternative from the following: Statement 1 : Budget is the detailed financial statement of the estimated receipts and estimated expenditures for the corning financial year. Statement 2 : Budget estimates are based on the last years financial performance of the government. Alternatives: (a) Both the statements are true. (b) Both the statements are false. (c) Statement 1 is true and Statement 2 is false. (d) Statement 2 is true and Statement 1 is false.
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statement 1 is true and statement 2is wrong
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a) Both statements are true.
What is Budget?
According to the Article 112 of Indian Constitution, Budget is an "Annual financial statement" which represent the detailed financial statement of the estimated receipts and expenditures of the corning financial year.
Budget shows the last year financial performance of the Government and thus help in the calculating and estimating the revenue and expenditure of the Government.
The features of Indian Budget are:-
- The budget was first introduced in the year 1860 by the Finance Minister of India from the company side, James Wilson.
- It was came in a briefcase and usually presented in the evening before the Parliamnet and the Governor General.
- It made the bifurcation and allocation of resources easy to the Government and the estimation accurate.
- The recent changes shows the Economic Survey done for the last financial year one day prior to budget whch help the Government to estimates the budget based on the last financial year.
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