Explanation:

Under Article 112 of the Constitution, a Statement of Receipts and Payments (estimated) has to be tabled in the Parliament for every financial year. The Receipts and Payments statement contains consolidated fund, contingency fund and the public account.

The budget speech and the document have two parts – Part A and B. Part A is the macroeconomic part of the budget where various schemes are announced, and allocations are made to several sectors. The priorities of the government are also announced in this part. Part B deals with the Finance Bill, which contains taxation proposals such as income tax revisions and indirect taxes. The Appropriation Bill is then introduced after all demands are passed, and once this Bill is passed, the government receives authorisation to draw from the consolidated fund. Once the Appropriation Bill becomes an Act, the Finance Bill is passed. Once this is done, the final budget gets approved.