https://www.taxtmi.com/news?id=13986 The Union Budget is an annual financial statement requiring legislative presentation and presidential approval, prepared through a combined top-down and bottom-up process by the Ministry of Finance and spending ministries. Presentation requires presidential recommendation, laying before both Houses, general and detailed parliamentary discussion, scrutiny by departmental committees, voting on Demands for Grants, and passage of the Finance Bill and Appropriation Bill; a vote on account permits interim funding. The framework includes the Consolidated Fund, Contingency Fund and Public Account, cash-based accounting, audit and reporting by the Comptroller and Auditor General, and fiscal controls including FRBM obligations, MEP/QEA cash management, re-appropriation rules and procedures for supplementary demands. en-us Wed, 25 Feb 2015 12:54:00 +0530 Wed, 11 Feb 2026 15:56:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=13986 The Union Budget is an annual financial statement requiring legislative presentation and presidential approval, prepared through a combined top-down and bottom-up process by the Ministry of Finance and spending ministries. Presentation requires presidential recommendation, laying before both Houses, general and detailed parliamentary discussion, scrutiny by departmental committees, voting on Demands for Grants, and passage of the Finance Bill and Appropriation Bill; a vote on account permits interim funding. The framework includes the Consolidated Fund, Contingency Fund and Public Account, cash-based accounting, audit and reporting by the Comptroller and Auditor General, and fiscal controls including FRBM obligations, MEP/QEA cash management, re-appropriation rules and procedures for supplementary demands. News - Wed, 25 Feb 2015 12:54:00 +0530 https://www.taxtmi.com/news?id=13986