Section 142(1) in The Punjab Panchayati Raj Act, 1994
(1)Every Panchayat Samiti shall on or before a prescribed day in each year hold a meeting at which the Standing Committee for Finance, Audit and Planning shall submit to the Panchayat Samiti an estimate of income and expenditure hereinafter referred to as the "budget", of the Panchayat Samiti for the next financial year in such form as may be prescribed.
