Budget – It is a document containing a preliminary approved plan of public revenue and public expenditure. It is a statement of the estimated receipt and expenses during a fixed period, it is a comparative table giving the accounts of the receipts to be realized and of the expenses to be incurred.
The Annual Financial Statement or the Statement of the Estimated Receipts and Expenditure of the Government of India in respect of each financial year is popularly known as the Budget.
Origin of Budget:
Derived from French word ‘Bougette’ meaning “Sack or Pouch”. Bag used by the British chancellor to keep his papers to be presented to the parliament. Present sense of the term was used for the first time in 1873.