Budget

A budget is a well defined tool to arrange ongoing year financial services. It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It’s a tool provide a forecast of revenues and expenditures, that is, construct a model of how a business might perform financially if certain strategies, events and plans are carried out.

A budget is the sum of money allocated for a particular purpose and the summary of intended expenditures along with proposals for how to meet them. A budget (derived from the old French word meaning purse) is a quantified financial plan for a forthcoming accounting period.
 It aims to balance revenue or income with its expenses. There are three types of government budget : the operating or current budget, the capital or investment budget, and the cash or cash flow budget. It is prepared by Ministry of Finance after consultations with all the other ministries with respect to their funding requirements. On the Budget Day, Union Budget is presented in Lok Sabha by the Finance Minister
The first budget of India was submitted on 18 February 1869 by James Wilson. James Wilson is known as the father of Indian budget.