Amendment status not verified — confirm the current text below against the official source.
(1) Every institution shall, before the end of March in each year, submit to the Commissioner in such form as may be prescribed, a budget showing the estimated receipts and expenditure of the institution during the following year. (2) Every such budget shall make adequate provision for, (a) the due maintenance of the objects of the religious institution and the proper performance of the services therein; (b) the due discharge of liabilities or loans binding on the religious institution; (c) the repair and renovation of the buildings connected with the institution, as may be prescribed; (d) the contribution to the reserve fund of the institution at such per centum of the income as the Commissioner may fix; (e) the contributions to be paid under section 11 and the cost of auditing to be paid under section 14; (f) the maintenance of a working balance. (3) The Commissioner, after giving notice to the institution and after considering its representations, if any, may, by order, make such alterations, omissions or additions in the budget as he may deem fit. 574 (4) If, in the course of a financial year, the institution finds it necessary to modify the provisions made in the budget in regard to the receipt or to the distribution of the amounts to be expended under the different heads, it may submit to the Commissioner a supplementary or revised budget. (5) The institution shall, within two months after the close of every financial year, submit to the Commissioner in such form as may be prescribed, a statement of the actual receipts and expenditure relating to that year with particulars of expenditure, if any, incurred, which is not provided for in the budget including the supplementary or revised budget with reasons therefor and the Commissioner may, after considering the reasons given by the institution, approve such expenditure. Accounts and audit