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Hiral Jain

CA inter • 9m

Budget-2 After these consultations, our finance minister sets off for the budget speech, For people who have never watched an annual budget speech (like me) It is divided into two parts, In brief, Part A the budget estimates for the next financial year and the total funds raised by the government via taxes or borrowings, proposed government expenditure allocations for different sectors Part B consists of the government’s tax proposals for the upcoming financial year including variations in current taxation system. The receipts and expenditures are shown in three parts •consolidated fund of India •contingency fund of India •public account CONSOLIDATED FUND OF INDIA, This is an account of government (like current Acc and savings Acc) This Acc shows the money received by the government through loans, the sale of gov holdings, increase in gov assets Other revenues and expenditures done by gov, we need the permission of the president to use this fund (continued in the next post)

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Budget-3 CONTINGENCY FUND OF INDIA This Acc is used for uncertainty like natural calamities, each state has a right to use this Acc without any permission from the president if any contingency occurs in their state later they have to present to the

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