Which of the following statements about the Union Budget is/are true?
1. The Vote on Account pertains only to the expenditure side of the government budget.
2. The Vote on Account and the Interim Budget are not the same.
3. An Interim Budget provides a complete financial statement, much like a full budget.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 1, 2 and 3.
The correct statements about the Union Budget are:
1. The Vote on Account pertains only to the expenditure side of the government budget – True. It allows the government to cover expenses until the full budget is passed.
2. The Vote on Account and the Interim Budget are not the same – True. The Vote on Account is a temporary measure, while an Interim Budget is a full financial statement presented in an election year.
3. An Interim Budget provides a complete financial statement, much like a full budget – True.