(1) The Chief Executive Officer of the Parishad shall, in each year prepare and place before the Parishad through its President on or before the prescribed date a Budget estimate for the following year containing such particulars as may be prescribed and the Parishad shall sanction the Budget with such modifications, if any, as it thinks fit and the Budget so sanctioned shall submitted to the Government in the prescribed manner.
(2) If in the course of a year, a Parishad finds it necessary to alter the figures shown in the Budget with regard to its receipts or to the distribution of the amounts to be expended on the different services undertaken by it, a supplementary or revised Budget may be prepared, sanctioned submitted and modified in the manner provided in Sub-section (1).