Budget

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Audit in Indian Railways

  • Audit is a constitutional function (Articles 149-151).
  • The authority empowered to spend public money is answerable to the Parliament.
  • A check is needed to ensure proper utilization of the fund to ensure that it serves the purpose. This check is known as Audit.
  • Railways Audit was separated from Accts in 1929.  
  • Scope and extent of Audit is determined by C&AG.

Functions of Audit

Railway Budget

  • Article 112(1) provides that the President shall, in respect of every financial year cause to be laid on the table of both the Houses of the Parliament a statement of estimated annual receipts and expenditure. This is called Annual Budget.
  • Railway Budget was separated from General Budget in 1924.
  • The responsibility for the compilation of accounts for the Railways was taken over by the Financial Commissioner, Railways from the Auditor General from 1 April 1929.

General Budget 2011-12 Highlights

- Budget aims at "transition towards transparent economy"

- Tax Exemptiom limit raised from Rs1.6 lakh to Rs 1.8 lakh.

No new tax exemption limit for women

- Exemption for investment in infra debt funds for another year.

- No difference in lower limit for women employees(Last year limit of  1.9 Lakh continues).

- Additional Rs.20000 will be tax free for investment in Infrastructure bonds.

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