Which Article of the Indian Constitution deals with the annual financial statement of the Government of India?

The correct answer is Article 112.

Key Points

• Union Budget Presentation: Article 112 mandates the annual presentation of the Union Budget.
• Details Receipts and Expenditures: Specifies estimated government receipts and expenditures for the year.
• Parliamentary Approval: Necessitates that the budget be approved by Parliament.
• Regulates Spending: Prohibits withdrawing funds from the Consolidated Fund without approval.
• Promotes Transparency: Ensures financial transparency and accountability in government spending.

Additional Information

• Article 110 of the Indian Constitution highlights Money Bills:
  • Specifies that Money Bills deal with financial matters like taxation and expenditure.
  • Lok Sabha Authority Allows only the Lok Sabha to introduce Money Bills.
  • Rajya Sabha Limitations Rajya Sabha can only make recommendations, not amendments, to Money Bills.
  • Speaker Certification Requires certification by the Lok Sabha Speaker to be classified as a Money Bill.
• Article 116 of the Indian Constitution pertains to Supplementary, Additional, or Excess Grants. 
  • Supplementary Grants Provides for additional funds beyond the original budget for unforeseen expenses.
  • Excess Grants Covers expenditures exceeding the approved budget.
  • Parliament Approval Requires approval from Parliament for such grants.
  • Must be presented by the government in the form of a bill.
• Article 120 of the Indian Constitution pertains to Rules of Procedure in the Parliament:
  • Rules of Procedure: Outlines that each House of Parliament (Lok Sabha and Rajya Sabha) shall determine its own rules of procedure.
  • Conduct of Business: Provides guidelines for how business is conducted in each House.
  • Chairperson's Role: Grants authority to the Speaker of the Lok Sabha and the Chairman of the Rajya Sabha to enforce rules and procedures.
  • Regulations for Debate: Includes rules for debates, voting, and other parliamentary procedures.

Important Points

• Article 111: Pertains to the President’s power to return a Money Bill with a request for reconsideration by the Lok Sabha.
• Article 113: Concerns the procedure for the consideration of the budget and Money Bills in the Lok Sabha.
• Article 114: Deals with the expenditure of money from the Consolidated Fund of India, including provisions for Money Bills.
• Article 118: Defines the power of each House to make its own rules of procedure.
• Article 119: Deals with the power of the Speaker and Chairman to regulate the proceedings of Parliament.
• Article 121: Addresses the prohibition of discussing the conduct of the President or the Governor in the Legislature.
• Article 122: Relates to the protection of the validity of proceedings in Parliament from judicial review.