(1) The Sarpanch shall prepare annuallv, on or before such date and in such form as mav be prpscribed, a budget estimate of the income and expenditure of the Panchavat for the next financial year.
(2) The Panchayat shall, as soon thereafter as may be, consider the budget estimate and approve the same without any modification or with such modifications or changes as it may consider necessary.
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(3) A copy of the budget estimate shall be forwarded without delay to the prescribed authority but not later than the 1st March.
(4) No expenditure shall be incurred by a Panchayat unless it is included in the budget estimate which has been approved by the Panchayat.
(5) A Panchayat may, al any time during the year for which annual budget estimate has been approved, cause a revised or supplementary budget estimate to be prepared which shall be considered and approved by the Panchayat in the same manner as an original budget estimate:
Provided that a copy of the revised or supplementary budget estimate shall be forwarded to the prescribed authority within such time as may be prescribed.