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Correct Option is 1 and 2

The Constitution refers to the budget as the ‘annual financial statement’. In other words, the term ‘budget’ has nowhere been used in the Constitution. It is the popular name for the ‘annual financial statement’ that has been dealt with in Article 112 of the Constitution. The budget is a statement of the estimated receipts and expenditure of the Government of India in a financial year. Hence statement 1 is incorrect. The budget contains certain other elements like 1.Estimates of revenue and capital receipts 2.Ways and means to raise the revenue 3.Estimates of expenditure 4.Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year. Hence statement 2 is incorrect 5. The economic and financial policy of the coming year, that is, taxation proposals, prospects of revenue, spending programme and introduction of new schemes In Parliament, the Budget goes through six stages 1.Presentation of Budget 2.General discussion 3.Scrutiny by Departmental Committees 4.Voting on Demands for Grants 5.Passing of Appropriation Bill 6.Passing of Finance Bill The Budget Division of the Department of Economic Affairs in the Finance Ministry is the nodal body responsible for preparing the Budget.

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