Question

What is Budget ? State and explain the various components of Union Budget.

Answer 1

Answer:

Explanation:

BUDGET:

A budget is an estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic basis.

COMPONENTS OF BUDGET:

The revenue receipts include both tax revenue (like income tax, excise duty) and non-tax revenue (like interest receipts, profits). Capital Budget consists of capital receipts {like borrowing, disinvestment) and long period capital expenditure (creation of assets, investment).