(1)Every Panchayat Samiti shall, at such time and in such manner as may be prescribed , prepare in each year a budget of its estimated receipts and disbursements for the following year and submit the budget to the Zilla Parishad or prescribed authority.(2)The Zilla Parishad or the prescribed authority, within such time as may be prescribed, shall either approve the budget or return it to the Panchayat Samiti for such modifications as it may direct. On such modifications being made, the budget shall be resubmitted within such time as may be fixed by the Zilla Parishad or the prescribed authority. If the approval of the Zilla Prishad or prescribed authority is not received by the panchayat Samiti within two months or by the last date of the year, whichever is earlier, the budget shall deemed to be approved by the Zilla Parishad or the prescribed authority, as the case may be.(3)No expenditure shall be incurred unless the budget is approved by the Zilla Parishad or the prescribed authority.(4)The Panchayat Samiti may prepare in each year a supplementary estimate providing for any modification of its budget and may submit to the Zilla Parishad or the prescribed authority for approval within such time and in such manner as may be prescribed.
