The Union Budget of a year, which is also referred to as to as the annual financial statement (AFS), is a statement of the calculated receipts and expenditure of the administration for that following year.
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The Union Budget keeps the details of the government’s expenditure for the financial year that lasts from April 1 to March 31. The Union Budget is also differentiated by Revenue Budget and Capital Budget.
In the Budget, the receipts and disbursements are shown in three parts in which Government Accounts comprise (i) the Consolidated Fund, (ii) the Contingency Fund and (iii) the Public Account.
The Annual Financial Statement categorizes the expenditure on revenue account from the expenditure on other accounts, as mandated by the Constitution of India.
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