Budget of Gram Panchayat

(1) Every Gram Panchayat shall, at such time and in such manner as may be prescribed, prepare in each year a budget of its estimated receipts and disbursements for the following year and shall submit the budget to the State Government for approval through the Zilla Panchayat of the district concerned. (2) No expenditure shall be incurred unless the budget is approved by the State Government.