Why is Budget presented on the last working day of February?

Some more interesting facts on Indian Budget...Source - rediff.com

If it's February, it's time for the Budget. Budgets have always been presented on the last day of February. So B-day is always on February 28, except on leap years when it is presented on February 29.

This year, the Budget will be presented on February 29. This will be Chidambaram's first Budget on February 29 (all his other six Budgets were presented on February 28). Morarji Desai has presented two Budgets on February 29.

Why Budget is tabled on the last working day of February?
The finance minister is required to submit the Budget to the Parliament usually on the last working day of February so that the Lok Sabha has one month to review and modify the Budget proposals.

The Budget proposed by the finance minister comes into effect after parliamentary discussion on the Budget has been completed by April 1.

Who decides the Budget day?

In India, the Budget is presented in Parliament on a date fixed by the President.

The Budget speech of the finance minister is usually divided in two parts. Part A deals with general economic survey of the country while Part B relates to taxation proposals.

The General Budget is presented at 11 a.m. on the last working day of February, i.e. about a month before the commencement of the financial year except in the year when general elections are held.

In an election year, Budget may be presented twice -- first to secure vote on account for a few months and later in full.