Budget and annual accounts

Budget and annual accounts :—

1. (1) Every Panchayat shall, every year, in such form and at such time, on or before such date as may be prescribed, prepare a budget estimate of its receipts and expenditure for the next financial year.
2. (2) The budget estimate so prepared under sub-section
3. (1) shall be approved by such authorities and in such manner as may be prescribed.
4. (3) Annual accounts and administration reports by the Panchayats shall be submitted to the prescribed authority in such manner as may be prescribed.