Question

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. Estimates of revenue and capital receipts
B. Ways and means to raise the revenue
C. Estimates of expenditure.

• A. Only A
• B. Only B
• C. Only C
• D. All A, B and C

Answer 1

Answer: (D)

All A, B and C

Budget is generally inclusive of all the points mentioned.

A Budget includes both Revenue and Capital Budget.

Revenue Budget : comprises revenue receipt and expenditure met from these revenues. Revenue receipt includes both tax revenue ( like income tax and excise duty) and tax revenue (like interest receipt, profits).

Capital Budget : includes capital receipt (borrowing, disinvestment) and long period capital expenditure (creation of assests and investments).