The Annual Financial Statement, which is presented as a part of budget, is covered under which Article of the Constitution of India?

The correct answer is Article 112. The Constitution never uses the word "budget"; it speaks instead of the "Annual Financial Statement", a statement of the estimated receipts and expenditure of the Government of India for the year, which the President causes to be laid before both Houses under Article 112. It separates expenditure "charged" on the Consolidated Fund, such as the salaries of the President and judges, which is not voted on, from other expenditure, which is.

The other options are the Articles that follow in the budget process. Article 113 lays down the procedure for estimates: the demands for grants, which only the Lok Sabha votes on. Article 114 deals with the Appropriation Bill, which authorises withdrawal of money from the Consolidated Fund. Article 115 covers supplementary, additional or excess grants. Learning the sequence helps: 112 statement, 113 demands, 114 appropriation, 115 extra grants and 116 votes on account.