(a)The Standing Committee for Finance in a Town Panchayat,-(i)shall supervise the utilisation of the budget grants and watch carefully the timely assessment and collection of taxes, fees, rents or other sums due to the Town Panchayat;(ii)shall inspect frequently the, accounts of the Town Panchayat;(iii)shall watch carefully the release of the grant by the Government and its proper utilisation;(iv)shall conduct monthly audit of the accounts and check the. monthly demand, collection and balance and abstract of receipts and expenditure of the proceeding month as furnished by the Secretary.(v)may, subject to such rules as may be prescribed, write off such sums due to the Council as appears to the Committee as irrecoverable;(vi)shall scrutinise the annual statement of accounts, demands collection and balance:(vii)shall prepare and present the budget estimates before the council as provided under Section 286;(viii)shall verify whether any amount prepared to be expended by the Town Panchayat is within the budget provision approved by the Council and whether there is sufficient fund for this purpose;(ix)shall enquire in to the allegations against the employees of the Town Panchayat, if directed by the Council and to bring the result of it into the notice of the Council;(x)shall dispose of appeals on taxation and to give directions to the Secretary to levy tax in respect of cases which escaped assessment and to reassess undervalued cases.