Budget - Definition - Law Dictionary Home Dictionary Definition budget

Definition :

Budget, In U.K. budget is presented soon after the beginning of the financial year by the chancellor of exchequer. His annual financial statement known as Budget deals with resources of the country, estimates of probable income and expenditure and fresh tax proposals, Parliamentary Practice, Erskine May, 22nd Edn., 2001.

Budget, is the annual estimate of revenue and expenditure of a country, Oxford Advanced Learner's Dictionary of Current English, A.S. Hornby, 2002, p. 155.

Budget, is a periodic assessment of and programmes for national revenue and expenditure, proposed by Government and presented to Parliament, Chambers 21st Century Dictionary, p. 183.

Budget, refer to the statement of the estimated receipts and expenditure of the Government of India known as annual financial statement, it is caused to be laid before both Houses of Parliament by the President in respect of every financial year on such day as he may direct, Constitution of India - Article 112, Rules of Procedure and Conduct of (Rajya Sabha) Business in the Council of States, 5th Edn., 2000, Rule 204.

Budget, is a plan or schedule adjusting expenses during a certain period of the estimated or fixed income for that period, Webster Dictionary of Law, p. 190.

Means a statement of an organisation's estimated revenues and expenses for a specified period, usually a year; a sum of money allocated to a particular purpose or project, Black Law Dictionary, 7th Edn., p. 189.

Budget, In U.K. budget proposals are treated as official secret until they are placed before the House of Commons, it is not a matter of breach of privilege of the House, Practice and Procedure of Parliament, M.N. Kaul & S.L. Shakdher, 5th Edn., 2001, p. 291.