Who gives recognition to political parties in India?

Which of the following statements is constitutionally not true about the passing of the Union Budgets and Finance Bill in India?

1. Under the law, Finance Bill should be adopted by both the Houses of the Parliament within 45 days of its introduction.

2. If the Finance Bill is not adopted within specified period, the government loses its authority to levy the taxes proposed in the budgets.

3. In the absence of full budget, a vote-on-account gives the power to the government to spend.

4. Government cannot raise revenues without a proper approval of the Finance Bill.