Under which Article of the Indian Constitution the Annual Financial Statement (Budget) is necessary to be laid before the Parliament?

The correct answer is option 3.

Key Points

• Article 112 of the Indian Constitution mandates that the Annual Financial Statement (Budget) must be laid before the Parliament. This is often referred to as the Union Budget. Hence, option 3 is correct.
• The Annual Financial Statement is a comprehensive statement  of the government’s proposed receipts and expenditures for a financial year, and it forms the basis of financial planning and budget allocation in India.
• The other articles mentioned are related to:
  • Article 111: Deals with the President's approval for bills and money bills.
  • Article 113: Deals with the procedure for the introduction of the money bill in the Lok Sabha.
  • Article 114: Deals with the procedure for the passing of the appropriation bill.