(1) Every Gram Panchayat shall, at such time and in such manner as may be Annual

prescribed, prepare in each year a budget of its estimated receipts and payments for that year estimate of and shall submit the budget to the District Panchayat through District Planning Committee. expenditure.

1. (2) The District Panchayat may, within such period as may be prescribed , either approve the budget or return it to the Gram Panchayat for such modification as it may direct.
   • • 15 - Audit. EXTRAORDINARY No. : 32 DATED : 17Th AUGUST, 2012.
2. (3) If such modifications are made under sub - section (2), the budget shall be re-submitted within such period as may be prescribed to the District Panchavat. ( 4) No expenditure shall be incurred unless the budget is approved by the Administrator.