Multiple Choice Questions on With reference to the Union Budget consider the following statements The Department of Revenue is re........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

With reference to the Union Budget consider the following statements The Department of Revenue is re...........

Economic Affairs Public Finance and Debt Management
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    With reference to the Union Budget, consider the following statements

    1. The Department of Revenue is responsible for the preparation of the Union Budget that is presented to Parliament.
    2. Budget must be passed by the Lok Sabha with majority support.

    Select the correct statement.

    1 only

    Incorrect Answer

    2 only

    Correct Answer

    Both

    Incorrect Answer

    None

    Incorrect Answer
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    Explanation:

    According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).

    • The Budget Division of the Department of Economic Affairs in the Ministry of Finance is the nodal body responsible for preparing the Budget.

    • This Budget is managed by the Central Government through the approval of the Lok Sabha and hence, this bill must have majority support in the Lok Sabha to pass. 

    Hence only statement 2nd is correct.

    By: Shubham Tiwari
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