Question

Article 112 of the Indian Constitution deals with:

• A. Consolidated Fund of India
• B. Public Account
• C. Union Budget
• D. Contingency Fund

Answer 1

The Correct Option is C

Article 112 of the Indian Constitution pertains to the Union Budget. This article mandates the government to present an annual budgetary statement to the Parliament, detailing the estimated financial receipts and expenditures for the upcoming fiscal year.

To understand this in context: 

• The Union Budget is a comprehensive document presented annually by the government, outlining its financial plan, including taxation, expenditure, and borrowing policies.
• Article 112 ensures transparency and accountability in financial matters, allowing Parliament to debate and scrutinize the government's financial proposals.
• This article ensures that the government's spending is authorized by the legislature, aligning with democratic governance principles.

Thus, the correct answer to which Article 112 deals is the "Union Budget."

Answer 2

The question relates to Article 112 of the Indian Constitution, which primarily addresses the Union Budget. In the context of the Indian Constitution and government fiscal policies: 

1. Article 112: This article outlines the procedure for the presentation of the annual financial statement, commonly known as the Union Budget. It mandates the President of India to lay before both Houses of Parliament a statement of the estimated receipts and expenditure for the upcoming financial year.

2. Consolidated Fund of India: This fund comprises all revenues received by the government, loans raised, and money received in repayment of loans, but it is governed under different provisions.

3. Public Account: This includes money held by the government in trust, such as Provident Funds, and operates according to different guidelines.

4. Contingency Fund: This fund is established to meet unforeseen expenditure and is regulated separately.

Thus, Article 112 primarily concerns the Union Budget, detailing how the estimated financial details must be presented for parliamentary approval.