How is the budget prepared?

The Ministry of Finance in consultation with other Ministries and NITI Aayog prepares the Union Budget. The nodal body for producing the budget is the Budget Division which is in the Department of Economic Affairs. The Department of Economic Affairs functions under the Ministry of Finance. You can read about the Union Budget 2021-22 Summary in the given link.

Further readings:

1. Interim Budget – Difference between Interim Budget & Vote-On-Account 
2. Revenue Receipts- Tax Revenue and Non-Tax Revenue