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.)

At present, what will be the 'Current Financial Year' as discussed in the above case ?

$1^{st}$ April 2023 to $31^{st}$ March 2024

The correct answer is option (4) : $1^{st}$ April 2023 to $31^{st}$ March 2024

The reason is that the financial year in many countries, including India, runs from 1st April to 31st March of the following year. In the context of government budgeting, the term "current financial year" typically refers to the ongoing fiscal period within this time frame. Given that the question was asked in May/June 2023, the current financial year would be from 1st April 2023 to 31st March 2024.

"There is a constitutional requirement in India (Article 112) to present before the Parliament a statement of estimated receipts and expenditures of the government in respect of every financial year which runs from 1 April to 31 March. This ‘Annual Financial Statement’ constitutes the main budget document of the government. Although 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 are 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)."