REVENUE and expenses over a specified future period of time and is usually compiled and re-evaluated on a PERIODIC basis.Budgets can be made for a person, a GROUP of people, a business, a government, or just about anything else that makes and spends money.There is a constitutional necessity in India according to Article 112 to current before the Parliament passed a declaration statement of gauged receipts and expenditures of the government with respect of every financial year.The budget or Annual Financial Statement should separate revenue expenditure from the rest. Therefore the budget COMPRISES of revenue budget and capital budget.The financial year of India runs from 1 April to 31 march.There are two main elements of the Government Budget:Budget receipts: It refers to the estimated receipts of the government from all the sources during a fiscal year. It is of two types: Capital Receipts, and Revenue Receipts.Budget Expenditure: It refers to the estimated expenditure of the government on various developmental as well as non-developmental programs during a fiscal year. It is of two types: Capital Expenditure, and Revenue Expenditure.