Paper I · 6 Indian Economy & Planning · 6.3.1 Public finance

6.3.1.2 Union Budget: receipts and expenditure, budget documents and budgeting reforms

The Union Budget is the Annual Financial Statement of Article 112: it estimates the Centre's receipts and expenditure for 1 April to 31 March, and nothing can be taxed or spent without Parliament's approval.

  • APPSC Paper I · Paper I
  • Advanced level
  • 8 min read
  • Full course

Key terms

  • Union Budget
  • Annual Financial Statement
  • Article 112
  • Consolidated Fund
  • Contingency Fund
  • revenue receipts
  • capital receipts
  • Finance Bill
  • Appropriation Bill
  • cut motion
  • vote on account

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

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