Section 41 of the J&K Reorganisation Act 2019 deals with

The correct answer is Annual financial statement.

Key Points

• Section 41 of the J&K Reorganisation Act 2019 deals with the Annual Financial Statement.
• The Annual Financial Statement is a detailed account of the financial plan of the government for the upcoming financial year.
• It includes estimates of all receipts and expenditures of the government for that year.
• It is presented to the legislature before the commencement of the new financial year.
• The statement is crucial for budget formulation and financial management of the Union Territory.

Additional Information

• J&K Reorganisation Act 2019
  • This Act was enacted to reorganize the state of Jammu and Kashmir into two Union Territories, Jammu & Kashmir and Ladakh.
  • The Act was passed by the Parliament of India on August 5, 2019, and came into effect on October 31, 2019.
  • The bifurcation aimed to improve governance and bring development to the regions.
• Union Territory
  • A Union Territory is an administrative division in India, governed directly by the Central Government.
  • Unlike states, Union Territories have less autonomy and are administered by a Lieutenant Governor or an Administrator appointed by the President of India.
• Budget Formulation
  • Budget formulation is the process of creating a financial plan for the government, outlining anticipated revenue and expenditures for the upcoming fiscal year.
  • It involves various stages including proposal, review, approval, and implementation.
• Receipts and Expenditures
  • Receipts refer to the income generated by the government through various sources like taxes, loans, and other revenues.
  • Expenditures are the expenses incurred by the government for public services, infrastructure, defense, and other activities.