Which of the given statements about the Union Budget is/are true?
a) Vote on Account deals only with the expenditure side of the government budget.
b) Vote on Account and Interim Budget are not the same.
c) An Interim Budget gives a complete financial statement, similar to a full budget.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. (a), (b) and (c).
- Through the interim budget, Parliament passes a vote-an-account which basically gives the government temporary permission to meet the expenses of the administration until the elections.
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The vote-on-account is normally valid for two months but can be extended.
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An interim budget is technically just like the full budget, but only for a temporary period.