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Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023-2024 in Parliament on February 1. According to Article 112 of the Constitution, the government is required to present a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31, to the Parliament.
UNION BUDGET The Union Budget is a document which provides an estimation of the revenue and expenses of a country during the financial year. It draws up a financial plan for the country and decides and allocates a specific sum for various government schemes and departments. The Union budget 2021-22 will be announced on February 01 by India’s first full-time woman finance minister, Nirmala Sitharaman ANNUAL FINANCIAL STATEMENT The Annual Financial Statement is a document presented by the government every year in the Parliament showing the estimated receipts and expenditures for the upcoming financial year in relation with the estimates from the previous financial years. Under article 112 of the Constitution, the government has to present an annual financial statement for every fiscal year.