Section 116(1) in The Gujarat Panchayats Act, 1993
(1)Every village panchayat shall have prepared annually on or before the 15th December of the current year of such date not later than 31st December of the current year as may be approved by the taluka panchayat in such form and manner as may be prescribed in this behalf a budget estimate of its income an expenditure for the next year and forward the budget estimate to the taluka panchayat on or before-(a)the 31st December of the current year where the budget estimate is prepared on or before the 15th December of the current year, or(b)the 15th January of the current year where the budget estimate is prepared on or before the approved date;Provided that the budget estimate shall be so prepared that at the end of the year the panchayat shall have at its credit a balance of not less than such minimum amount as may be prescribed in that behalf.
