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Finance Commission Of India
The Finance Commissions (IAST: ''Vitta Jayga'') are commissions periodically constituted by the President of India under ''Article 280'' of the Indian Constitution to define the financial relations between the central government of India and the individual state governments. The First Commission was established in 1951 under The Finance Commission (Miscellaneous Provisions) Act, 1951. Fifteen Finance Commissions have been constituted since the promulgation of Indian Constitution in 1950. Individual commissions operate under the terms of reference which are different for every commission, and they define the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the constitution, the commission is appointed every five years and consists of a chairman and four other members. The most recent Finance Commission was constituted on 31 December 2023 and is chaired by Arvind Panagariya former Vice Chairman of NIT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of India
The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union territories of India, 36 states and union territories. The government is led by the president of India (currently ) who largely exercises the executive powers, and selects the Prime Minister of India, prime minister of India and other ministers for aid and advice. Government has been formed by the The prime minister and their senior ministers belong to the Union Council of Ministers, its executive decision-making committee being the Cabinet (government), cabinet. The government, seated in New Delhi, has three primary branches: the legislature, the executive and the judiciary, whose powers are vested in bicameral Parliament of India, Union Council of Ministers (headed by prime minister), and the Supreme Court of India respectively, with a p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of India
The Constitution of India is the supreme law of India, legal document of India, and the longest written national constitution in the world. The document lays down the framework that demarcates fundamental political code, structure, procedures, powers, and duties of government institutions and sets out Fundamental rights in India, fundamental rights, Directive Principles, directive principles, and the duties of citizens. It espouses constitutional autochthony, constitutional supremacy (not Parliamentary sovereignty, parliamentary supremacy found in the United Kingdom, since it was created by a Constituent Assembly of India, constituent assembly rather than Parliament of India, Parliament) and was adopted with a declaration in Preamble to the Constitution of India, its preamble. Although the Indian Constitution does not contain a provision to limit the powers of the parliament to amend the constitution, the Supreme Court in Kesavananda Bharati v. State of Kerala held that there ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ninth Finance Commission
The Ninth Finance Commission of India was set up in June 1987 under the chairmanship of Mr. N.K.P Salve. Members The members of the Commission were: * Shri N.K.P. Salve, Chairman * Shri Justice Abdus Sattar Qureshi * Dr. Raja J. Chelliah * Shri Lal Thanhawla, resigned on 24 January 1989 * Shri Mahesh Prasad, Member Secretary, resigned during the term of the Commission * Shri S. Venkitaramanan, joined in place of Shri Lal Thanhawla on 3 May 1989 * Shri Venkitaramanan, resigned as Member of the Finance Commission on his appointment as Adviser to the Government of Karnataka * Shri R. Keishing, assumed charge as part-time Member of the Commission with effect from 25 November 1989. * Shri K.V.R. Nair, appointed as Member Secretary in place of Shri Mahesh Prasad from 13 July 1989 Terms of Reference The Commission was asked to adopt a normative approach in assessing the receipts and the expenditures on the revenue account not only of the states but also of the centre with du ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eighth Finance Commission
The Eighth Finance Commission of India was constituted by the President of India, on 28 April 1984 under the chairmanship of Shri Y.B. Chavan. Members The commission consisted of the following members: * Shri Y.B. Chavan, Chairman * Shri Justice Sabya Sachi Mukherjee, resigned during the term of the Commission * Dr. C. H. Hanumantha Rao * Shri G.C. Baveja * Shri A.R. Shirali * Shri Justice T.P.S. Chawla, in place of Sabya Sachi Mukherjee * Shri N.V. Krishnan, Secretary Terms of Reference The commission was asked to make recommendations on * The distribution of net proceeds of taxes between the union and the states which are to be or may be divided between them under chapter 1 of Part XII of the Constitution and allocation between the states of the respective shares of the same * The principles which govern the grants in aid of the revenues of the states out of the Consolidated Fund of India and the amount to be paid to the needy States which seek assistance by way of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seventh Finance Commission
The Seventh Finance Commission of India was incorporated in 1978 consisting of Shri J. M. Shelar as the chairman. Members The members of the Commission were: * Shri J. M. Shelat, Chair * Dr. Raj Krishna * Dr. C. H. Hanumantha Rao * Shri. H. N. Ray * Shri. V. B. Eswaran, Member Secretary Recommendations * The share of the states in the net proceeds should be raised to 85% excepting the share of the Union Territories which would be 2.19% of net proceeds * The inter se distribution between the states should include 10% contribution factor and rest 90% would be on basis of population Population is a set of humans or other organisms in a given region or area. Governments conduct a census to quantify the resident population size within a given jurisdiction. The term is also applied to non-human animals, microorganisms, and pl .... The 10% allotment would be based on the State-wise net assessments References Further References * * Finance Commission of India 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sixth Finance Commission
The Sixth Finance Commission of India was incorporated in the year 1973 consisting of Shri K. Brahmananda Reddy as the chairman. Members The members of the commission were: * Shri K. Brahmananda Reddy, Chairman * Shri Justice Syed Sadat Abal Masud * Dr. B.S. Minhas * Dr. I.S. Gulati * Shri G. Ramachandran, Member Secretary Recommendations * The States demanded the inclusion of corporation tax into the divisible income tax and 1005 allocation of the net proceeds to them. The commission expressed that such inclusion was constitutionally forbidden but it can be reviewed by National Development Council. * States share was increased from 75% to 80% due to the decrease in the divisible pool as the arrears of the advance tax collection had been cleared * In view of the increasing integration of the national economy and for eliminating the regional imbalances the contribution factor was kept at 10% in the distribution of share amongst the states. The distribution inter se the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mahavir Tyagi
Mahavir Tyagi (31 December 1899 – 22 May 1980) was a prominent Indian independence fighter and parliamentarian from Dehradun, Uttar Pradesh (now in Uttarakhand) India. Early life Tyagi was born on 31 December 1899 at Dhabarsi, now Dhawarsi, in Amroha District in Uttar Pradesh, then known as the United Provinces. (Dhawarsi was earlier in Moradabad District). Tyagi was educated at Meerut, Uttar Pradesh. He joined the British Indian Army and was posted in Persia but resigned after the Jallianwala Bagh Massacre (also known as the Amritsar Massacre), which took place on 13 April 1919. He was court martialed at Quetta, the capital of Baluchistan (now in Pakistan), and expelled from Baluchistan with all pay deposits forfeited. Returning home, Tyagi became a staunch follower of Mahatma Gandhi. In the independence movement Mahavir Tyagi, who was active in the ''Kisan'' (''peasant'') movement, remained a lifelong member of the Indian National Congress. Active especially in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fifth Finance Commission
The Fifth Finance Commission of India was constituted by the President of India, Dr. Zakir Hussain, on 15 March 1968. The commission was chaired by Mahavir Tyagi. Members The members of the commission were: * Shri Mahavir Tyagi, Chairman * Shri P.C. Bhattacharyya, died during the term of the Commission * Shri M. Seshachalapathy, retired Judge * Dr. D. T. Lakdawala * Shri V.L. Gidwani, Member Secretary * Shri G. Swaminathan, joined on 21 February 1969, in place of Shri P.C. Bhattacharyya Recommendations The Recommendations of the Fifth Finance Commission were wider than those of the previous commissions. Apart from the matters referred to in the earlier commissions, the fifth commission was required to: * Examine the desirability of maintaining existing arrangements in regard to additional excise duties levied in lieu of Sales Tax and the scope for extension of such arrangements to other items * To inquire into the unauthorized overdrafts of the States and recommend t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fourth Finance Commission
The Fourth Finance Commission of India was constituted on 18 May 1964, under the chairmanship of Dr. P. V. Rajamannar. Members The members of the Commission were: * Dr. P. V. Rajamannar, Chairman * Shri Mohan Lal Gautam * Shri D.G. Karve * Prof. Bhabatosh Datta * Shri P.C. Mathew, Member Secretary The Commission suggested in its report that there should be greater co-ordination between the Centre and the States in common financial interests for which it recommended the establishment of a permanent organization in the Ministry of Finance. Recommendations * Tax sharing and allocation of income tax and Union Excise Duties. * Grants-in–aid to States in need of assistance, having regard to: # The revenue resources of States for five years ending with 1970–1971 on the basis of the levels of taxation likely to be reached at the end of 1965–66; # Creation of a fund out of Estate Duty proceeds over a specified limit, for repayment of State’s debt to the centre; and # Scope ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Third Finance Commission
The Third Finance Commission of India was appointed in 1960, for the period 1960–64, by the President of India and was chaired by Shri A.K. Chanda. Members Members of the commission were: * Shri A. K. Chanda, Chairman * Shri Govinda Menon * Shri Dwijendra Nath Roy (retired High Court Judge) * Prof. M. V. Mathur * Shri G. R. Kamat (Member Secretary). Terms of reference The commission was asked to make recommendations to the President with regard to the following:- # On account of Tax Sharing between the Centre and the State and allocation of Income Tax and Central Excise Duties # Under Article 275 of the Indian Constitution, Grants-in-Aid to States in need of assistance, other than the sums specified in the provisos to Clause 1 of article 275 ## With regard to the requirements of third five-year plan ## Secondly, with regard to the efforts to be made by those states to raise additional revenue amount # Allocation of duties, namely, additional excise duty and estate du ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Finance Commission
The Second Finance Commission of India was constituted by president Rajendra Prasad on 1 June 1956. Members The members of the Commission were: * Shri K. Santhanam, Chairman * Shri Ujjal Singh * Shri L.S. Misra, Retired Chief Justice, Hyderabad * Shri M.V. Rangachari * Dr. B.N. Ganguli * Shri H.B. Bhar, Secretary Terms of reference The Commission was asked to make the following recommendations: # Grants-in-Aid to certain States, in need of assistance under Article 275, having regard to the requirements of Second Five Year Plan and the efforts made by those states to raise additional revenue. # Allocation of Estate Duty and Tax on Railway Passenger Fares proposed to be levied by the Railway Passenger Fares Bill, 1957, introduced in the Lok Sabha on 15 May 1957. # Grants-in-Aid to the States of Assam, Bihar, Orissa and West Bengal, to compensate for their share of the export duty on jute and jute products as per Article 273. # The principles which should govern the distri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvent
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
