Which of the following sentences is INCORRECT about the government budget?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. The budget is always presented by the President of India.
Among the following given statements, statement 4 is incorrect: The President does not present the budget. As per Article 112, the President causes the budget to be laid before Parliament, but it is presented by the Finance Minister on behalf of the government.
The government budget is a comprehensive document that outlines the expected revenues and proposed expenditures for a financial year.
Presented on February 1 (since 2017), it outlines estimated revenues and expenditures for the fiscal year (April 1 to March 31). Prior to 2017, the Union Budget of India was traditionally presented on the last working day of February (usually February 28 or 29).
The budget comprises two key components: the Revenue Budget covering routine expenses like subsidies and salaries, and the Capital Budget for long-term investments in infrastructure and development projects.
Key documents include the Economic Survey, Finance Bill for tax proposals, and the Annual Financial Statement.