Expert Committee Submits its Report on Determining Methodology for Fixing National Minimum Wage, Ministry of Labour and Employment Click here

Annual Financial Statement

From Arthapedia
(Difference between revisions)
Jump to: navigation, search
(Contributed by)
(Contributed by)
Line 15: Line 15:
 
However, these days, the term Union Budget includes not just the Annual Financial Statement but also the policy documents associated with it like, Budget Speech, Finance Bill, [http://www.arthapedia.in/index.php?title=Appropriation Appropriation Bill], [http://www.arthapedia.in/index.php?title=Demand_for_Grants Demand for grants], documents submitted under [http://www.arthapedia.in/index.php?title=Fiscal_Responsibility_and_Budget_Management_(FRBM)_Act Fiscal Responsibility and Budget Management Act] like, [http://www.arthapedia.in/index.php?title=Macro-economic_Framework_Statement macro economic framework statement], [http://www.arthapedia.in/index.php?title=Medium-term_Fiscal_Policy_(MTFP)_Statement medium term fiscal policy statement] etc.  
 
However, these days, the term Union Budget includes not just the Annual Financial Statement but also the policy documents associated with it like, Budget Speech, Finance Bill, [http://www.arthapedia.in/index.php?title=Appropriation Appropriation Bill], [http://www.arthapedia.in/index.php?title=Demand_for_Grants Demand for grants], documents submitted under [http://www.arthapedia.in/index.php?title=Fiscal_Responsibility_and_Budget_Management_(FRBM)_Act Fiscal Responsibility and Budget Management Act] like, [http://www.arthapedia.in/index.php?title=Macro-economic_Framework_Statement macro economic framework statement], [http://www.arthapedia.in/index.php?title=Medium-term_Fiscal_Policy_(MTFP)_Statement medium term fiscal policy statement] etc.  
 
==Contributed by==
 
==Contributed by==
* [http://www.ies.gov.in/myaccount-profile-view.php?memid=338 Rosemary Abraham, IES(2006)]
+
* [http://www.ies.gov.in/myaccount-profile-view.php?memid=338 Rosemary K. Abraham, IES(2006)]
 
*Email- [mailto:rosemary.a@nic.in rosemary.a@nic.in]
 
*Email- [mailto:rosemary.a@nic.in rosemary.a@nic.in]
 
[[Category:concepts|AnnualFinancialStatements]]
 
[[Category:concepts|AnnualFinancialStatements]]

Revision as of 10:47, 19 April 2016

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.

Annual Financial Statement is essentially the Budget of the Government. In case of the Central Government, the Budget is presented in two parts, viz., the Railway Budget pertaining to Railway Finance and the General Budget (or what is commonly known as Union Budget) relating to the financial position of the Government of India, excluding Railways. The Railway Budget is presented by the Railway Minister sometime in the third week of February. By convention, the General Budget is presented to Lok Sabha by the Finance Minister on the last working day of February of each year. A copy of the respective Budgets is simultaneously laid on the Table of Rajya Sabha.

However, these days, the term Union Budget includes not just the Annual Financial Statement but also the policy documents associated with it like, Budget Speech, Finance Bill, Appropriation Bill, Demand for grants, documents submitted under Fiscal Responsibility and Budget Management Act like, macro economic framework statement, medium term fiscal policy statement etc.

Contributed by

Personal tools
Variants
Actions
Navigation
Concepts
Share Tools
Toolbox
Translate