As we all know, the Ministry of Finance every year prepares the Union Budget and presents it to the Parliament. Which of the following is/are the elements of the Union Budget?begin{enumerate}item Estimates of revenue and capital receipts.item Ways and means to raise the revenue.item Estimates of expenditure.end{enumerate} Select the correct answer using the codes given below:

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

As we all know, the Ministry of Finance every year prepares the Union Budget and presents it to the Parliament. Which of the following is/are the elements of the Union Budget?

A	Only 1
B	Only 2
C	Only 3
D	All of these

Explanation:

Detailed explanation-1: -As we all know, the Ministry of Finance every year prepares the Union Budget and presents it to the Parliament.

Detailed explanation-2: -For preparing the budget to be presented in Parliament, Department of Economic Affairs is responsible for preparation of Union Budget and not the Revenue Department. Since the Budget division is part of Economic Affairs, so Finance Secretary will coordinate for designing and implementation of Budget process.

Detailed explanation-3: -The General Budget is presented in Lok Sabha by the Minister of Finance, who makes a speech introducing the Budget and it is only in the concluding part of the speech that the proposals for fresh taxation or for variations in the existing taxes are disclosed.

Detailed explanation-4: -The Finance Ministry of India is an important ministry concerned with the economy of India. It is comprised of five departments one of which is the Department of Economic Affairs. It is the nodal agency of central government whose principal task is to prepare and present the Union Budget before the Parliament.

There is 1 question to complete.