Article 112 of CoI : Article 112: Annual financial statement.

Explanation using Example

Example 1:

Scenario: Presentation of the Annual Budget

Description: Every year, the President of India ensures that a detailed financial statement, known as the annual financial statement or the Union Budget, is presented before both Houses of Parliament. This statement includes the estimated receipts (income) and expenditure (expenses) of the Government of India for the upcoming financial year.

Example: In February, the Finance Minister, on behalf of the President, presents the Union Budget for the financial year 2023-2024. The budget outlines the government's plans for revenue collection through taxes and other means, and how it intends to spend this money on various sectors such as healthcare, education, defense, and infrastructure.

Example 2:

Scenario: Distinguishing Expenditure in the Budget

Description: The annual financial statement must clearly differentiate between two types of expenditures: those charged upon the Consolidated Fund of India and other expenditures. It must also distinguish between revenue expenditure (day-to-day expenses) and capital expenditure (long-term investments).

Example: In the Union Budget for 2023-2024, the Finance Minister specifies that ₹50,000 crore is required for the salaries and allowances of the President, Vice President, and judges of the Supreme Court and High Courts. This amount is charged upon the Consolidated Fund of India and is non-neg...

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