Amendment status not verified — confirm the current text below against the official source.
Budget and annual accounts.- (1) Every Panchayat shall prepare annually in such form and in such manner and by such date, as may be prescribed, budget estimates, of its receipts and expenditure for the next financial year. (2) The budget estimates prepared under sub-section (1) shall be approved by such authorities and in such manner as may be prescribed. (3) The annual accounts and report of administration by Panchayat shall be presented to the prescribed authority in the prescribed manner. 2[118. Audit of Panchayats.- (1) There shall be an audit agency, in the Panchayati Raj Department, to conduct audit of accounts of Panchayats. (2) The audit agency shall consist of such officers and servants, to be appointed by the Director, as the State Government may deem fit from time to time. (3) The manner of audit of Panchayat accounts, payment of audit fees and action on such audit reports shall be such as may be prescribed. (4) Notwithstanding anything contained in sub-section (1), the accounts of Panchayat may be audited by the Accountant General, Himachal Pradesh and the Director of Local Fund Audit who shall have access to relevant information and records of the Panchayats: Provided that the audit of the accounts of Panchayats shall be conducted under the over all technical guidance and supervision of the Accountant General, Himachal Pradesh.