The correct answer is option 1: Department of Economic Affairs. This department is responsible for the preparation and presentation of the Union Budget.

Option 2, Department of Revenue, is not responsible for preparing and presenting the Union Budget. It primarily deals with the administration of direct and indirect taxes and customs duties.

Option 3, Department of Expenditure, is also not responsible for the Union Budget. Its main function is to formulate policies related to government expenditure and manage the government`s finances.

Option 4, "No option is correct," is incorrect. The correct option is option 1.

Therefore, the correct answer is option 1, Department of Economic Affairs, as it is responsible for preparing and presenting the Union Budget.