Question

what is an annual budget? How many sessions of budget is held in parliament??​

Answer 1

Answer:

An annual budget lays out a company's projected income and expenses for a 12-month period. The process of creating an annual budget involves balancing out a business' sources of income against its expenses. Annual budgets are considered to be balanced if projected expenditures are equal to projected revenues.

Session of Parliament

In India, the Parliament conducts three sessions each year: Budget session: January/February to May. Monsoon session: July to August/September. Winter session: November to December.

Answer 2

Answer:

The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India,[1] is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialised before the beginning of new financial year in April. Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament. The budget, which is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year.

An interim budget is not the same as a 'Vote on Account'. While a 'Vote on Account' deals only with the expenditure side of the government's budget. An interim budget is a complete set of accounts, including both expenditure and receipts. An interim budget gives the complete financial statement, very similar to a full budget. While the law does not disqualify the Union government from introducing tax changes, normally during an election year, successive governments have avoided making any major changes in income tax laws during an interim budget.[2]

As of September 2017, Morarji Desai has presented 10 budgets which is the highest count followed by P Chidambaram's 9 and Pranab Mukherjee's 8. Yashwant Sinha, Yashwantrao Chavan and C.D. Deshmukh have presented 7 budgets each while Manmohan Singh and T.T. Krishnamachari have presented 6 budgets.[3]

Explanation:

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