This paper works on the analysis of government budget, especially in relation to India. The government budgets are an exhaustive exercise which makes the entire process of its preparation a huge and toiled task. The paper looks at the budget from the point of view if its four accounts, which includes Revenue receipts, revenue expenditure, capital receipts and capital expenditure. The Government indulges in deficit financing to create projects which in turn would generate more employment, more income and more consumption. During the course of the study it was observed that many of the important features or departments are not given its due importance. This is due to the restrictions imposed through Fiscal Reforms Budgetary Management Act, incorporated in India. It is a proposal through this paper that along with the normal accounting of budget accounts formulation, a social cost benefit analysis should be computed, with more understanding and accountability, to understand the reality behind the accounts.