(1) The Pradhan shall prepare annually, on or before such date and in such form as may be prescribed, a budget estimate of the income and expenditure of the Panchayat 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.
Annual estimate of expenditure.
(3) A copy of the budget estimate shall be forwarded without delay to the Assistant Commissioner but not later than the 1st March.
(4) The prescribed authority may at any time, whether before or after the annual estimate takes effect, make such amendments, modifications or changes therein as may appear to it necessary.
(5) No expenditure shall be incurred by a Panchayat unless it is included in the budget estimate which has been approved by the Gram Sabha.