The Annual Financial Statement is the set of documents provided by the government through the Ministry of Finance which is tabled before the Lok Sabha. It shows the expenditure and income and expenditure under the following heads :

1. The actuals for one financial year (FY) preceding that in which the budget is presented. For example, in the upcoming budget for FY23, the AFS will show the actuals incurred in FY21, since actuals are only available after the financial year ends.
2. The budgeted estimates for FY22, as presented by the Finance Minister last year
3. The Revised Estimates of FY22, or the revised budget estimates, showing estimates of the on-going financial year. This shall include the funds allocated to different ministries in the course of the year in addition to the budget estimate.
4. The budgeted estimates for the upcoming year FY23

Also Read: Budget Glossary #1: The Annual Financial Statement