Annual Financial Statement
Rosemary.a (Talk | contribs) (Created page with "Annual Financial Statement is a document presented to the Parliament every year under [http://lawmin.nic.in/olwing/coi/coi-english/coi-indexenglish.htm Article 112 of the Constit...") |
Rosemary.a (Talk | contribs) |
||
| Line 1: | Line 1: | ||
| − | Annual Financial Statement is a document presented to the Parliament every year under [http://lawmin.nic.in/olwing/coi/coi-english/coi-indexenglish.htm Article 112 of the Constitution of India], showing estimated receipts and | + | Annual Financial Statement is a document presented to the Parliament every year under [http://lawmin.nic.in/olwing/coi/coi-english/coi-indexenglish.htm Article 112 of the Constitution of India], showing estimated receipts and expenditures of the Government of India for the coming year in relation to revised estimates for the previous year as also the actual amounts for the year prior to it. |
The receipts and disbursements are shown under three parts in which Government Accounts are to be kept viz.,(i) [http://arthapedia.in/index.php?title=Consolidated_Fund_of_India Consolidated Fund], (ii) [http://arthapedia.in/index.php?title=Contingency_Fund_of_India Contingency Fund] and (iii) [http://arthapedia.in/index.php?title=Public_Accounts Public Account]. | The receipts and disbursements are shown under three parts in which Government Accounts are to be kept viz.,(i) [http://arthapedia.in/index.php?title=Consolidated_Fund_of_India Consolidated Fund], (ii) [http://arthapedia.in/index.php?title=Contingency_Fund_of_India Contingency Fund] and (iii) [http://arthapedia.in/index.php?title=Public_Accounts Public Account]. | ||
Revision as of 20:51, 30 May 2015
Annual Financial Statement is a document presented to the Parliament every year under Article 112 of the Constitution of India, showing estimated receipts and expenditures of the Government of India for the coming year in relation to revised estimates for the previous year as also the actual amounts for the year prior to it.
The receipts and disbursements are shown under three parts in which Government Accounts are to be kept viz.,(i) Consolidated Fund, (ii) Contingency Fund and (iii) Public Account.
Under the Constitution, Annual Financial Statement has to distinguish expenditure on revenue account from other expenditure. Government Budget, therefore, comprises of Revenue Budget and Capital Budget.
The estimates of receipts and expenditure included in the Annual Financial Statement are for the expenditure net of refunds and recoveries, as will be reflected in the accounts.
The estimates of receipts and disbursements in the Annual Financial Statement are shown according to the accounting classification prescribed by Comptroller and Auditor General of India under Article 150 of the Constitution, which enables Parliament and the public to make a meaningful analysis of allocation of resources and purposes of Government expenditure.
Annual Financial Statements for the various years may be seen here.
