Which of the following statements are true? i. The duration of financial year in India is from 1st…
Statements i and iv are true. The Indian financial year runs from April to March, and budget estimates relate to the financial year named in the budget. The Union annual…
Choose your answer
Which of the following statements are true?
i. The duration of financial year in India is from 1st April to 31st March
ii. As per article 202 of the constitution of India, the central government has to place before the parliament, its annual financial statement
iii. As per article 222 of the constitution of India, each state government has to place before the legislature of respective state, its annual financial statement
iv. In any budget, for example: 2024-25, revenue and expenditure are estimates related to 2024-25 financial year
Answer and explanation
Correct answer B
Statements i and iv are true. The Indian financial year runs from April to March, and budget estimates relate to the financial year named in the budget. The Union annual financial statement falls under Article 112, while Article 202 concerns the State annual financial statement; Article 222 concerns transfers of High Court judges.
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Telangana SET (TG SET)