(1)The Executive Authority of the Village Panchayat and the Commissioner shall, in each year, frame and place before the Village Panchayat or the Panchayat Union Council, as the case may be, a budget showing the probable receipts and expenditure during the following year.(2)The budget of a Village Panchayat or Panchayat Union Council shall, after preparation by the Executive Authority or the Commissioner, be submitted on or before such date and to such officer as may be prescribed and if the prescribed officer is satisfied that adequate provision has not been made therein for the performance of any necessary service or services, he shall have power to return the budget for modification in such manner as may be necessary to secure such provision.(3)The Village Panchayat or the Panchayat Union Council, as the case may be, shall sanction the budget with such modification as it thinks fit. If there is a difference of opinion between the officer referred to in sub-section (2) and the Village Panchayat and the Panchayat Union Council, as the case may be, the budget shall be referred to the Inspector in the case of Village Panchayat and the Government in the case of the Panchayat Union Council. The Inspector or the Government, as the case may be, shall have power to modify the budget in such manner as he or they may consider necessary.(4)If in the course of a year, a Village Panchayat or Panchayat Union Council 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 supplemental or revised budget may be framed, sanctioned, submitted and modified in the manner provided in sub-sections (1) and (2). Provided that no such alteration shall be given effect to except with the consent of the prescribed officer.(5)On or before such date in each year as may be prescribed, every Commissioner shall submit to the Government through such officer and in such forms as may be prescribed a budget for the ensuing financial year showing the income and expenditure relating to the Panchayat Union (Education) Fund.(6)The Government may pass such orders as they think fit in respect of the budget referred to in sub-section (5) and the Panchayat Union Council concerned shall be bound to carry out all such orders.(7)The accounts of the Panchayat Union (Education) Fund shall be examined and audited by an Auditor appointed by the Government under section 193 and the Panchayat Union Council concerned shall carry out any instruction which the Government may issue on the audit report.
