Under which of the following Article of the Constitution of India is the Annual Financial Statement presented to the Parliament every financial year?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Article 112.
The Annual Financial Statement, commonly known as the Union Budget, is presented to the Parliament every financial year under Article 112 of the Constitution of India. This Article mandates that the President shall, in respect of every financial year, cause to be laid before both Houses of Parliament a statement of the estimated receipts and expenditure of the Government of India for that year. It outlines the government's financial plan for the upcoming fiscal year, distinguishing between revenue and capital expenditures and receipts.