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Annual Financial Statement (AFS) includes
1. Estimates of revenue and capital receipts
2. Ways and means to raise the revenue
3. Estimates of expenditure
4. Introduction of new schemes/projects
Select the correct answer code:
- a)1, 2, 3
- b)1, 3, 4
- c)1, 2, 3, 4
- d)2, 3, 4
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Annual Financial Statement (AFS) includes1. Estimates of revenue and c...
Annual Financial Statement (AFS) is a statement of the estimated receipts and expenditure of the Government in a financial year. In addition to it, the Budget contains:
- Estimates of revenue and capital receipts,
- Ways and means to raise the revenue,
- Estimates of expenditure,
The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.
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Annual Financial Statement (AFS) includes1. Estimates of revenue and c...
The correct answer is option 'C', which includes all four statements.
1. Estimates of revenue and capital receipts:
The Annual Financial Statement (AFS), also known as the Union Budget, includes estimates of revenue and capital receipts. This refers to the projected income and inflow of funds for the government in a given financial year. It includes various sources of revenue such as taxes, duties, fees, and other receipts. The estimates are based on the government's policies, economic conditions, and projections of various sectors.
2. Ways and means to raise the revenue:
The AFS also outlines the ways and means to raise the revenue. This includes the government's plans to increase tax collections, introduce new taxes or amend existing tax laws, improve tax compliance, and explore other sources of revenue generation. The budget may also propose reforms in the tax system, such as changes in tax rates, exemptions, or incentives, to stimulate economic growth and investment.
3. Estimates of expenditure:
Another key component of the AFS is the estimates of expenditure. This refers to the projected government spending in various sectors and programs. It includes both revenue expenditure (day-to-day expenses like salaries, subsidies, pensions, etc.) and capital expenditure (investment in infrastructure, assets, etc.). The budget allocates funds to different ministries and departments based on their priorities and objectives.
4. Introduction of new schemes/projects:
The AFS also includes the introduction of new schemes or projects. This refers to the government's initiatives or programs aimed at addressing specific issues or achieving certain goals. The budget may introduce new welfare schemes, infrastructure projects, healthcare initiatives, education programs, or any other policy measures. These new schemes/projects are usually accompanied by the allocation of funds and resources to implement them effectively.
Overall, the Annual Financial Statement provides a comprehensive overview of the government's financial plans, including revenue projections, expenditure estimates, and the introduction of new schemes/projects. It plays a crucial role in setting the fiscal priorities and policies for the upcoming financial year.
1. Estimates of revenue and capital receipts:
The Annual Financial Statement (AFS), also known as the Union Budget, includes estimates of revenue and capital receipts. This refers to the projected income and inflow of funds for the government in a given financial year. It includes various sources of revenue such as taxes, duties, fees, and other receipts. The estimates are based on the government's policies, economic conditions, and projections of various sectors.
2. Ways and means to raise the revenue:
The AFS also outlines the ways and means to raise the revenue. This includes the government's plans to increase tax collections, introduce new taxes or amend existing tax laws, improve tax compliance, and explore other sources of revenue generation. The budget may also propose reforms in the tax system, such as changes in tax rates, exemptions, or incentives, to stimulate economic growth and investment.
3. Estimates of expenditure:
Another key component of the AFS is the estimates of expenditure. This refers to the projected government spending in various sectors and programs. It includes both revenue expenditure (day-to-day expenses like salaries, subsidies, pensions, etc.) and capital expenditure (investment in infrastructure, assets, etc.). The budget allocates funds to different ministries and departments based on their priorities and objectives.
4. Introduction of new schemes/projects:
The AFS also includes the introduction of new schemes or projects. This refers to the government's initiatives or programs aimed at addressing specific issues or achieving certain goals. The budget may introduce new welfare schemes, infrastructure projects, healthcare initiatives, education programs, or any other policy measures. These new schemes/projects are usually accompanied by the allocation of funds and resources to implement them effectively.
Overall, the Annual Financial Statement provides a comprehensive overview of the government's financial plans, including revenue projections, expenditure estimates, and the introduction of new schemes/projects. It plays a crucial role in setting the fiscal priorities and policies for the upcoming financial year.
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Annual Financial Statement (AFS) includes1. Estimates of revenue and capital receipts2. Ways and means to raise the revenue3. Estimates of expenditure4. Introduction of new schemes/projectsSelect the correct answer code:a)1, 2, 3b)1, 3, 4c)1, 2, 3, 4d)2, 3, 4Correct answer is option 'C'. Can you explain this answer?
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