47. (1) Every Union Parishad shall, in the prescribed manner, prepare before the commencement of each financial year, a statement of its estimated receipts and expenditure for that year, hereinafter referred to as the budget, and send it to the ¹[Deputy Commissioner] for approval. (2) If the budget is not prepared by a Union Parishad before the commencement of any financial year, the ²[Deputy Commissioner] may have the necessary statement prepared and certify it, and such certified statement shall be deemed to be the sanctioned budget of the Union Parishad. (3) Within thirty days of the receipt of the copy of a budget under sub-section (1), the ³[Deputy Commissioner] may, by order, modify it, and the budget so modified shall be deemed to be the sanctioned budget of the Union Parishad. (4) If the budget received under sub section (1) is not modified or approved within thirty days by the ⁴[Deputy Commissioner] it shall be deemed to have been approved. (5) At any time before the expiry of the financial year to which a budget relates, a revised budget for the year may, if necessary, be prepared and sent to the ⁵[Deputy Commissioner] and such revised budget shall, so far as may be, be subject to the provisions of this section. (6) Where any Union Parishad assumes office under this Ordinance for the first time, its budget for the financial year during which it assumes office shall relate to the remaining period of that year, and the other provisions of this section shall mutatis mutandis apply.