| Consider the following statements |
| 1. Vote on Account deals only with the expenditure side of the government's budget |
| 2. Interim Budget does not give the complete financial statement, like a full Budget. |
| Which of the above statements is/are correct regarding? |
A) 1 only
B) 2 only
C) Both are correct
D) both are wrong
Correct Answer: D
Solution :
[d] [a] An Interim Budget, it is not the same as a 'Vote on Account'. While a 'Vote on Account' deals only with the expenditure side of the government's budget, an Interim Budget is a complete set of accounts, including both expenditure and receipts. An Interim Budget gives the complete financial statement, very similar to a full Budget. While the law does not debar the Union government from introducing tax changes, normally during an election year, successive governments have avoided making any major changes in income tax laws during an Interim Budget.
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