What is the annual statement of the estimated receipts and expenditures of the government for a given financial year called?
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → Budget
The budget is the yearly statement of the government’s estimated receipts and expenditures. Its main document is the Annual Financial Statement, presented to Parliament as Article 112 requires.
The Finance Bill gives the tax proposals; the other two are FRBMA policy statements laid along with the budget.
NCERT (2026-27): “5.1 Government Budget — Meaning and its Components 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. …” |