With reference to the Union Government, consider the following statements:1. The Department of Revenue is responsible for the preparation of the Union Budget that is presented to the Parliament.2. No amount can be withdrawn from the Consolidated Fund of India without the authorization from the Parliament of India.3. All the disbursements made from Public Account also need the authorization from the Parliament of India.Which of the statements given above is/are correct?
✓ Correct answer: c) 2 only
ExplanationStatement 1 is incorrect : The budget is prepared by the Department of Economic Affairs.The Budget Division under Department of Economic Affairs is responsible for the preparation and submission to Parliament of the Central Govern- ments Budget other than Railways, as well as the supplementary Demands for Grants and Demands for Excess Grants.The Department of Revenue plays a key role in managing In- dia’s financial resources by overseeing tax collection and enforc- ing economic laws.It is responsible for collecting both direct taxes (such as income tax and wealth tax) and indirect taxes (like GST, customs duty, and excise duty).It does not prepare budget.Statement 2 is correct : Consolidated Fund of India (Article 266) is a fund to which all receipts are credited and all payments are debited.No money out of this fund can be appropriated (is- sued or drawn) except in accordance with parliamentary law.Statement 3 is incorrect : Provident fund deposits, savings bank deposits, remittances etc are credited to the Public Account.The Public Account is operated by the executive actio
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