Which agency is in charge of planning the states finances of each fiscal year?

In India, it's the Planning Commission which projects 5 years' planning relating to incomes and expenditure the country will undertake during that period. Though it's a statutory organisation, its planning and activities are monitored by both the Ministry of Finance and Commerce. Now, for each fiscal year's income and expenditure, the Finance Minister presents Budget which is ratified by both the houses of parliament.

(budget)