Presentation of accounts and budget of Grama Panchayat.

241. Presentation of accounts and budget of Grama Panchayat. - (1) The 1[Panchayat Development Officer]1 shall prepare and lay before the Grama Panchayat at a meeting, which shall be held between the first day of February and the tenth day of March, a complete account of th e actual and expected receipts and expenditure for the official year ending on the thirty -first day of March next following together with a budget estimate of the income and expenditure, of the Grama panchayat for the official year to commence on the first day of April next following. (2) The Grama Panchayat shall thereupon decide upon the appropriations and the ways and means contained in the budget of the year to commence on the first day of April nex t following. The budget as passed by the Grama Panchayat shall be sent to the Taluk Panchayat before such date as may be fixed by the Government. (3) In such budget estimate, the Grama Panchayat shall among other things, - (a) make adequate and suitable provision for such services as may be required for the fulfillment of the several duties imposed on the Grama Panchayat by this Act or any other law; (b) allow for a balance at the end of said year of not less than such sum or percentage of income as may from time to time, be fixed by the Government either generally for all Grama Panchayats or specially for any Grama Panchayat; (c) provide for the payment, as they fall due, of all installments of principal and interest for which the Grama Panchayat may be liable in respect of loans contracted by it. (4) If such budget estimate is not in accordance with the provisions of this Act or the rules and orders issued thereunder, the Taluk Panchayat may within two months from the date of receipt of the budget mo dify the same to secure compliance with this Act, the rules or the orders: Provided that the Taluk Panchayat shall not have power to direct that total proposed expenditure shall exceed the total of the estimated income of the Grama Panchayat for the following year and the opening balance. (5) If the Grama Panchayat fails to pass the budget estimate on or before the date mentioned in sub -section (1), the 1[Panchayat Development Officer ]1 shall forward the budget estimate to the Taluk Panchayat and it shall approve it with or without modification. The budget as approved by the Taluk Panchayat shall be certified by the Executive Officer and thereupon shall be deemed to have been duly approved by the Grama Panchayat.