The Finance Minister of the Central Government presents the Union Budget before the Parliament during the month of February every year.

Question

Read the following passage and answer the questions given below:

The Finance Minister of the Central Government presents the Union Budget before the Parliament during the month of February every year. The budget, also referred to as the annual financial statement reflects the estimated receipts and expenditure of the government for a particular financial year that begins on the 1st of April and ends on 31 sc March. Changes in the tax structure are suggested in the budget. Besides this, provisions are also made for allocating expenditure on defense, education, research, and development, etc. The date for presenting the budget has been shifted to the 1st of February every year. This enables the generation of funds well in advance prior to the commencement of the financial year.

1. Where is the Union Budget usually presented?

2. What all aspects are considered while preparing the budget?

3. Why is the date for presenting the budget shifted to the 1st of February?

4. Explain the term ‘budget’.

Answer 1

1. Union Budget is presented in the Parliament.

2. Changes in the tax structure, provisions for allocating expenditure on defense, education, research, and development.

3. The date for presenting the budget is shifted to the 1st of February because it enables the generation of funds well in advance prior to the commencement of the financial year.

4. A budget is the annual financial statement that shows estimated receipts and expenditures of the government for a year.