Consider the following statements: 1. Part 'B'

Solution

The budget is a statement of the estimated receipts and expenditure of the Government of India in a financial year. In addition to the estimates of receipts and expenditure, the budget contains certain other elements. Part B of the Budget Speech contains details of economic and financial policy of the coming year, that is, taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects. Hence Statement 1 is correct. Revenue Receipts are receipts which do not have a direct impact on the assets and liabilities of the government. It consists of the money earned by the government through tax (such as excise duty, income tax) and non-tax sources (such as dividend income, profits, interest receipts). Hence Statement 2 is correct.