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Indian Union Budget> Budget Basics
7. Is it compulsory to have budget for every year?
Yes. Under Article 112 of the Constitution, a Statement of estimated receipts and expenditure of the Union Government has to be laid before the Parliament in respect of every financial year running from 1st April to 31st March. The Receipt and Payments of the Government is categorised in three parts:
1. Consolidated Fund. : All the inflows like Tax and other Revenues as well as Loans raised by it form part of this category. All outflow including expenses etc also form part of this Account. For withdrawal from this fund parliament authorisation is required.
2. Contingency Fund: It is the money kept at the disposal of the President to meet out any unforeseen expenses. The corpus of the fund is merely Rs.50 Crores.
3. Public Account: This category comprises of money raised from various Schemes of the Government like Provident Fund.
But this was the technical framework. To put simply it is Annual financial discipline like other corporates prepare Profit and Loss Account and Balance Sheet. However to what disclosure norms the government accounts are subjected to is mystery. We have seldom come across the laid down norms like other balance sheets to disclose the information in a manner prescribed.
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