- Preparation:
- Prepared by the Budget Division, Department of Economic Affairs, Ministry of Finance.
- Presentation:
- Presented in Parliament on the first working day of February at 11:00 am.
- Finance Minister introduces it in Lok Sabha, then presented in Rajya Sabha.
- Discussion:
- General Discussion: Held after presentation, confined to general examination of budget and taxation policies. Happens in both houses.
- Detailed Discussion (Demand for Grants): Houses adjourn. Departmentally Related Standing Committees (DRSCs) consider demands for grants of ministries. Reports are presented to Lok Sabha. Lok Sabha discusses and votes on demands.
- Approval:
- Appropriation Bill: Introduced after voting on Demand for Grants, authorizes expenditure from Consolidated Fund of India.
- Finance Bill: Introduced after budget presentation, gives effect to taxation proposals.
- Both are Money Bills, sent to Rajya Sabha, but Lok Sabha has final say.
- Parliament must pass Finance Bill within 75 days.