(1) Every Mutawalli shall prepare a budget for the next financial year showing the estimated receipts and expenditure of the Wakf during that financial year in - 19 - such Form and within such time as may be prescribed by the Board in its regulations, and submit it to the Board for approval. The Budget shall, along with estimates of receipts and expenditure consist of statement of assets, funds and liabilities. The budget so prepared shall be submitted by the Mutawalli/Secretary Managing Committee at least ninety days before the beginning of the financial year.
(2) The Board shall communicate its approval of the Budget with or without modification, within the time prescribed in the regulation. If a Mutawalli does not receive any communication about the approval of the budget from the board within the prescribed time, the Budget as submitted to the Board shall be deemed to have been approved by the Board.
(3) If the budget is not submitted to the Board within the proper time by the Mutawalli, the defaulter mutawalli shall be liable of a fine of rupees five for each day for which the budget and account is delayed.
Provided that if even after the expiry of one month from the date of submission of the budget by the Mutawalli, the Board shall prepare the budget on its own on his behalf and the same shall be deemed to be a properly prepared and approved budget.
Provided further that if a Mutawalli/Secretary, Managing Committee fails to submit the Budget within proper time the fine for the delay may be extended to eight thousand rupees U/s 61 (1) of the Act.
(4) Receipts and expenditure of Wakf shall be classified under the following heads namely:- Receipts:-
(i) Rents of land and building (ii) Donations and offerings (iii) Cash grants and annuities
(iv) Sale of securities, stock and debentures and other valuables
(v) Sale of land, buildings and other immovable property
(vi) Loans and advances
(vii) Other receipts in view of the terms of the wakf deed, usages and customs, if any
(viii) Other receipts Expenditure i) Pay and allowances of the staff
(ii) Rents and other charges payable in respect of lands and buildings.
(iii) Expenditure on object of the Wakfs, that is, religious, educational or healthcare objects, relief of poverty and any other charitable objects.
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(iv) Capital expenditure on buildings.
(v) Purchase of securities, stock or other valuables.
(vi) Purchase of land buildings or other immovable properties.
(vii) Loans and advances.
(viii) Contingencies.
(ix) Law charges
(x) Other expenses.