Under which Article of the Constitution of India must the 'Annual Financial Statement' (Union Budget) be laid before Parliament every year, generally before 31 March?

Introduction / Context:
The Union Budget is one of the most important annual events in the functioning of the Government of India. In constitutional language, it is referred to as the “Annual Financial Statement.” The Constitution clearly specifies under which Article this statement must be presented to Parliament. This question checks whether you can correctly recall that Article and connect it with the budgetary process in Indian polity.

Given Data / Assumptions:

• The term used is “Annual Financial Statement,” which is the constitutional name for the Union Budget.
• The question asks for the specific Article number of the Constitution.
• Options include Articles 16, 31, 112 and 124.
• We assume basic familiarity with key Article numbers commonly tested in exams.

Concept / Approach:
The Annual Financial Statement is mandated by Article 112 of the Constitution of India. It sets out the estimated receipts and expenditures of the Government of India for a financial year. Articles 16 and 31 relate to other subjects (equality of opportunity in public employment and right to property, respectively, though Article 31 was later repealed). Article 124 deals with the establishment of the Supreme Court. Recognizing that Article 112 is the only Article among the given options associated with financial statements makes it easier to answer correctly.

Step-by-Step Solution:
Step 1: Identify that “Annual Financial Statement” is the constitutional term for the Union Budget. Step 2: Recall that the Union Budget is dealt with in Part V of the Constitution, under the chapter relating to the Union. Step 3: Remember that Article 112 specifically mandates the President to cause the Annual Financial Statement to be laid before both Houses of Parliament. Step 4: Note that Article 16 deals with equality of opportunity, Article 31 (now repealed) dealt with the right to property, and Article 124 deals with the Supreme Court. Step 5: Conclude that Article 112 is the correct Article for the Annual Financial Statement.

Verification / Alternative check:
You can verify your memory by recalling that several related Articles also exist near Article 112, such as those dealing with demands for grants and appropriation bills. Most standard polity guides explicitly say “Article 112 – Annual Financial Statement (Union Budget).” This consistent association in multiple sources confirms that Article 112 is correct. None of the other options are even remotely associated with the Budget or government finances, providing an additional cross-check.

Why Other Options Are Wrong:
Article 16: Concerns equality of opportunity in matters of public employment, not the budget.

Article 31: Originally dealt with the right to property but has been repealed as a fundamental right and is unrelated to the Annual Financial Statement.
Article 124: Deals with the establishment and composition of the Supreme Court of India and has no connection with the budget process.

Common Pitfalls:
Some students confuse Article numbers because many important provisions lie in the same general numeric range. Another mistake is to forget the exact Article number and guess from memory, leading to confusion between Article 110 (Money Bills), Article 112 (Annual Financial Statement) and Articles dealing with other institutions. To avoid this, it helps to deliberately memorize a small list of “must-know Articles,” including 110 for Money Bills, 112 for the Annual Financial Statement and 123 for Ordinances.

Final Answer:
The Annual Financial Statement (Union Budget) must be laid before Parliament under Article 112 of the Constitution of India.