Annual Financial Statement - Definition - Law Dictionary Home Dictionary Definition annual-financial-statement

Definition :

Annual Financial Statement, means a statement made by the Minister-incharge of Finance in the legislature containing the probable income and expenditure of the Government for any year; familiarly known as Budget. Parliamentary Practice, Erskin May, 22nd Edn., p. 788.

In U.K., this statement is made by the Chancellor of the Exchequer in the House of Commons when he has completed his estimate of the probable income and expenditure for the financial year, Parliamentary Practice, Erskine May, 22nd Edn., p. 788.

It contains his view of the resources of the country; it declares whether the burdens upon the people are to be increased or diminished, Parliamentary Practice, Erskine May, 22nd Edn., p. 788.

The Annual Financial Statement or the Statement or the Statement of the Estimated Receipts and Expenditure of the Government of India in respect of each financial year, known as the 'Budget', is presented to Lok Sabha on such day as the President may direct, Rules of Procedure and Conduct of (Rajya Sabha) Businesses in the Council of States, 5th Edn., 2000, Rule 204.