Section 40(4) in Jammu and Kashmir Municipal Corporation Act, 2000
(4)The Finance and Planning Committee shall perform functions relating to the finances of the Corporation, preparation of budget, scrutinizing proposals for increase of revenue including taxes, examination of receipts and expenditure statement, sales and leases of Corporation properties, recovery of loans, examinations of schedule of rates, consideration of all proposals affecting the finances of the Corporation and general supervision of the revenue and expenditure of the Corporation and any other functions relating to the development of the Municipal area.
