<P> The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India . The Government presents it on the first day of February so that it could be materialized before the commencement of new financial year in April . Till 2016 it was presented on the last working day of February by the Finance Minister of India in Parliament . The budget, which is presented by means of the Finance bill and the Appropriation bill has to be passed by both the Houses before it can come into effect from April 1, the start of India's financial year . </P> <P> An Interim Budget is not the same as a' Vote on Account' . While a' Vote on Account' deals only with the expenditure side of the government's budget, an Interim Budget is a complete set of accounts, including both expenditure and receipts . An Interim Budget gives the complete financial statement, very similar to a full Budget . While the law does not debar the Union government from introducing tax changes, normally during an election year, successive governments have avoided making any major changes in income tax laws during an Interim Budget . </P>

The govt of india presents its annual budget in the