Union Budget 2023-24 Notes – Summary & Mindmap
The Finance Minister of India Smt. Nirmala Sitharaman presented the 2023-24 Union Budget, which is the last full-fledged budget before the 2024 Lok Sabha elections.
About Budget
Historical Context: The first budget of Independent India was presented in 1947.
Constitutional Provisions on Budget:
The Union Budget in India is referred to as the Annual Financial Statement (AFS) as per Article 112 of the Indian Constitution.
Contents of Budget:
- Estimates of revenue and capital receipts
- Ways to raise revenue
- Estimates of expenditure
- Details of actual receipts and expenditure of the previous financial year with explanation of any deficit/surplus
- Economic and financial policy for the upcoming year including taxation proposals,
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