The public suit by advocate M.L. Sharma came in the wake of the staggered election dates being announced for five state assemblies between February 4 and March 8.
Thus, presenting the budget now would violate the Model Code of Conduct which has come into force with the announcement of the election schedule, the petitioner contended.
A bench of Chief Justice Jagdish Singh Khehar, Justice N.V. Ramana and Justice D.Y. Chandrachud said that they would decide the issue when it comes in its normal course.
Instead of usual February 28, the budget this year is scheduled to be presented on February 1, only days before the assembly elections go underway in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur between February 4 and March 8.
Supreme Court's announcement comes after seven opposition parties on Thursday approached the Election Commission contending that the presentation of the Union Budget ahead of assembly elections in five states will give an unfair advantage to the BJP and its allies and demanded that the fiscal exercise be deferred till after March 8.
A delegation comprising leaders of the Congress, Trinamool Congress, Janata Dal-United, Samajwadi Party, Bahujan Samaj Party, Rashtriya Janata Dal and the DMK met Chief Election Commissioner Syed Nasim Ahmad Zaidi here on Thursday.
The opposition parties earlier submitted a memorandum to President Pranab Mukherjee and the EC, requesting presentation of the Union Budget be deferred.