Read the case study given below and answer the question :

The Budget document relates to the receipts and expenditure of the government for a particular financial year, the impact of it will be there in subsequent years. There is a need therefore to have two accounts, those that relate to the current financial year only one included in the revenue account ( also called revenue budget) and those that concern the assets and liabilities of the government into the capital account ( also called capital budget.)

Budget deficit is best depicted by :

Total Expenditure > Total receipt

The correct answer is option (3) : Total Expenditure > Total receipt

A budget deficit occurs when the total expenditure of the government exceeds its total receipts. This includes both revenue and capital components.