Section 23 of The Faridabad Development Corporation Act, 1956
The Corporation shall prepare, in such form and at such time each year as may be prescribed, a budget in respect of every financial year next ensuing showing the estimated receipts and expenditure, and copies thereof shall be forwarded to the Central Government.
Summary
- The Corporation must prepare a budget every single year.
- This budget must be for the upcoming financial year.
- The budget must show the estimated receipts, which is the money coming in, and the estimated expenditure, which is the money going out.
- The budget must be prepared in the specific form and at the specific time of the year that is prescribed by the rules.
- The Corporation must send copies of its completed budget to the Central Government.
Practical examples
FAQ
1. Who must receive copies of the Corporation's budget?
Copies of the budget must be forwarded to the Central Government.
2. Does the budget show past spending or future spending?
The budget shows estimated receipts and expenditure for the upcoming financial year, described as the financial year next ensuing.
3. Who decides the format and deadline for the Corporation's budget?
The format and timing are prescribed, which means they are laid down in the rules made under this Act by the Central Government.
Test yourself
Q1.Under Section 23 of The Faridabad Development Corporation Act, 1956, what must the yearly budget of the Corporation show?
Q2.Under Section 23 of The Faridabad Development Corporation Act, 1956, to whom must the Corporation send copies of its budget?
Q3.Under Section 23 of The Faridabad Development Corporation Act, 1956, who prescribes the form and time for preparing the budget?
Q4.Under Section 23 of The Faridabad Development Corporation Act, 1956, when is the budget prepared?