(1A)The standing committee for finance, after considering the proposals submitted under sub-section (1) and all the requirements under this Act shall prepare a budget showing the income and expenditure of the panchayat for the ensuing year and the Chairman of the said standing committee shall, not later than the first week of March, in a special meeting of the panchayat regarding the development and declaration therein by the president regarding the development and welfare works that are proposed to be taken up by the panchayat, present the same before the panchayat for its approval.
