Budget and annual accounts

(1) Every Panchayat shall prepare annually in such form and in such manner and by such date, as may be prescribed, budget estimates, of its receipts and expenditure for the next financial year. (2) The budget estimates prepared under sub-section (1) shall be approved by such authorities and in such manner as may be prescribed. (3) The annual accounts and report of administration by Panchayat shall be presented to the prescribed authority in the prescribed manner.