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Question 41 of 98 · Parliament
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The provision relating to the 'annual financial statement', commonly called the Budget, is contained in:

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Answer: Option D — Article 112

Detailed Solution

Article 112 requires the President to cause to be laid before both Houses of Parliament, in respect of every financial year, a statement of the estimated receipts and expenditure of the Government of India for that year. This statement is called the annual financial statement, and it is popularly known as the Budget.

Note on the word "Budget":

The Constitution does not use the word "Budget" anywhere. It uses the phrase "annual financial statement".

Contents of the annual financial statement:

  • It shows the sums required to meet expenditure charged on the Consolidated Fund of India.
  • It shows the sums required to meet other expenditure proposed to be made from the Consolidated Fund.

Charged expenditure:

Some expenditure is "charged" on the Consolidated Fund, which means it is not voted on by Parliament, although it can be discussed.

Examples include the salaries and allowances of the President, the Speaker and Deputy Speaker of the Lok Sabha, the judges of the Supreme Court and the Comptroller and Auditor General, and debt charges of the Government of India.

Stages of the Budget in Parliament:

  • Presentation of the Budget by the Finance Minister in the Lok Sabha.
  • General discussion on the Budget as a whole.
  • Scrutiny of the demands for grants by departmentally related standing committees.
  • Voting on demands for grants, which is done only in the Lok Sabha.
  • Passing of the laws needed to withdraw money and to impose or change taxes.

Budget practice:

The Budget is now presented on 1 February, so that it can be passed before the financial year begins on 1 April.

Why not the other options?

  • ✗Article 113 deals with the procedure in Parliament on the estimates.
  • ✗Article 116 deals with votes on account, votes of credit and exceptional grants.
  • ✗Article 266 deals with the Consolidated Funds and public accounts of India and the states.

Quick tip

Remember: Article 112 = annual financial statement (Budget); the word "Budget" is not in the Constitution.

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Parliament — Preparation

This question tests your understanding of Parliament, a key topic in the General Knowledge section. The detailed solution above uses a step-by-step approach to show the reasoning, and where available, a shortcut that helps you solve similar questions in under 90 seconds during the actual exam.

This topic covers the Parliament of India: the Lok Sabha and Rajya Sabha, their composition, powers and officers, sessions, the law-making process, money bills, joint sittings, parliamentary committees, and devices such as question hour, zero hour and the various motions. Typical questions ask about the maximum strength of each house, the minimum age for members, who certifies a money bill (the Speaker), who presides over a joint sitting, and which committee is chaired by a member of the opposition (the Public Accounts Committee, by convention). Note the special powers of the Rajya Sabha under Articles 249 and 312. Practise the Parliament questions below, written in the style of the general awareness sections of exams such as SSC, banking, railways, CUET GAT, MAH CET and CLAT. Each question comes with a detailed explanation that adds related facts, so every question helps you revise more than one point.

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