What is the process of constitution of Panchayats described in this text?
The process of constitution of Panchayats is described in the text as follows:

1. Definitions are provided for certain terms related to Panchayats.
2. Gram Sabha, or village assembly, is defined and its role is explained.
3. Constitution of Panchayats outlines how they are formed at various levels (village, intermediate, district).
4. Composition of Panchayats details the members that make up the Panchayats at each level.
5. Reservation of seats sets forth reservations for certain categories of people in the Panchayat membership.
6. Duration of Panchayats, etc., establishes the term length and other related details.
7. Disqualifications for membership outlines the conditions under which a person may be disqualified from serving on a Panchayat.
8. Powers, authority and responsibilities of Panchayats lists the functions and duties that Panchayats are responsible for.
9. Powers to impose taxes by, and Funds of, the Panchayats specifies how Panchayats can generate revenue and manage their finances.
10. Constitution of Finance Commission position establishes a body responsible for overseeing financial matters related to Panchayats.
11. Audit of accounts of Panchayats ensures proper financial management and oversight by an independent entity.
12. Elections to the Panchayats outlines the process for electing members to serve on Panchayats.