Question 1

The Union Budget of India is presented by which authority?

Accepted Answer

B. Finance Minister. The Union Budget of India is presented by the Finance Minister in the Parliament. The budget outlines the government's estimated receipts and expenditure for the coming financial year. It is the most important financial document of the Government of India, presented under Article 112 of the Constitution.

Question 2

Under which Article of the Indian Constitution is the Annual Financial Statement (Union Budget) presented?

Accepted Answer

B. Article 112. Article 112 of the Indian Constitution mandates the President to cause a statement of estimated receipts and expenditure of the Government of India for every financial year to be laid before both Houses of Parliament. This statement is called the Annual Financial Statement, commonly known as the Union Budget.

Question 3

India's financial year runs from:

Accepted Answer

B. April 1 to March 31. India's financial year runs from April 1 to March 31 of the following year. This period is used for all government financial planning, budgeting, and accounting. The financial year was established during British rule and has been retained after independence. All government fiscal data, including revenue and expenditure, is reported for this period.

Question 4

Since which year has the Union Budget been presented on February 1?

Accepted Answer

C. 2017. Since 2017, the Union Budget has been presented on February 1, replacing the earlier tradition of presenting it on the last working day of February. This change was initiated by Finance Minister Arun Jaitley to allow earlier implementation of budgetary allocations from the start of the new financial year (April 1), rather than waiting for Parliament's approval in late March.

Question 5

Before 2017, the Union Budget was traditionally presented on:

Accepted Answer

C. Last working day of February. Before 2017, the Union Budget was presented on the last working day of February (usually February 28 or 29). This meant that budget approval came very late, often leaving little time for implementing new allocations before the financial year began. The shift to February 1 was intended to improve planning and implementation timelines.

Union Budget & Fiscal Deficit — Set 1