Who is responsible for Budget preparation?

Who is responsible for Budget preparation?

The Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.

What is the main work of CAG?

The Constitution of India [Article 148] provides for an independent office to the CAG of India. He or she is the head of Indian Audit and Accounts Department. He/she has a duty to uphold the Constitution of India and laws of the Parliament to safeguard the interests of the public exchequer.

Who prepares the national budget in India?

The Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget.

Does CAG do accounting?

After independence, Article 148 of the 1949 Indian Constitution provided for the establishment of a Comptroller and Auditor General to be appointed by the President of India. The act made CAG responsible for both accounting and auditing duties for central and state governments.

What are the 4 steps in preparing a budget?

The four phases of a budget cycle for small businesses are preparation, approval, execution and evaluation. A budget cycle is the life of a budget from creation or preparation, to evaluation.

What are the steps in budget preparation?

Six steps to budgeting

1. Assess your financial resources. The first step is to calculate how much money you have coming in each month.
2. Determine your expenses. Next you need to determine how you spend your money by reviewing your financial records.
3. Set goals.
4. Create a plan.
5. Pay yourself first.
6. Track your progress.

Who is the father of Indian budget?

James Wilson
The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.

Who is responsible for preparation and presentation of Union budget to the parliament?

The correct answer is Department of Economic Affairs. Union Budget: Article 112 to the Indian Constitution defines the term ‘Financial Statement’ also referred to as the Union Budget.

Can CAG disallow any expenditure?

The Constitution enables the independent and unbiased nature of audit by the CAG by providing for: His appointment by the President of India. Salary and expenses Charged (not Voted) to the Consolidated Fund of India. Disallowing his holding any other Government office after his term expires.

Who is involved in preparing the annual national budget?

Secretary of the Department of Finance, the Director General of the National Economic and Development Authority and a representative of the Office of the President as members. The major activities involved in the preparation of the annual national budget include the following: a.

What are the steps involved in the process of budgeting?

Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.

What do you mean by government budgeting?

Government budgeting is the critical exercise of allocating revenues and borrowed funds to attain the economic and socia l goals of the country.

How does the Senate Finance Committee conduct budget hearings?

While budget hearings are on-going in the House of Representatives, the Senate Finance Committee, through its different subcommittees also starts to conduct its own review and scrutiny of the proposed budget and proposes amendments to the House Budget Bill to the Senate body for approval.