- There is a constitutional requirement in India (Article 112) to present before the Parliament a statement of estimated receipts and expenditures of the government in respect of every financial year which runs from 1 April to 31 March.
- This ‘Annual Financial Statement’ constitutes the main budget document.
- Further, the budget must distinguish expenditure on the revenue account from other expenditures.
- Therefore, the budget comprises of the (a) Revenue Budget and the (b) Capital Budget.
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