Important Constitutional Provisions Related To Budget:
Financial business in Parliament consists of the Budget comprising of General Budget and Railway Budget, Demands for Grant, Vote on Account, Supplementary Demands for Grant, Appropriation Bill and the Finance Bill. The salient Constitutional provisions that shape and guide the budgeting systems and process are outlined in brief as under- 1.) Article 112- Annual Financial Statement shows estimated receipts and expenditure of the Government of India for 2013-14 in relation to estimates for 2012-13 as also expenditure for the year 2011-12. The receipts and disbursements are shown under the three parts, in which Government Accounts are kept viz.,(i) Consolidated Fund, (ii) Contingency Fund and (iii) Public Account. 2.) Article 113--Procedure in Parliament with respect to Estimates. the estimates of expenditure from the Consolidated Fund of India included in the Annual Financial Statement and required to be voted by the Lok Sabha are submitted in the form of Dema...