Consider the following statements regarding Budget and Constitutional Provisions:
1. According to Article 110 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).
2. The first Budget of Independent India was presented in 1952.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2