 | This article needs additional citations for verification .(May 2013) |
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.
| | This article needs additional citations for verification .(May 2013) |
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.
The members of the commission were: [1]
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:
Mahavir Tyagi was a prominent Indian independence fighter and parliamentarian from Dehra Dun, Uttar Pradesh India.
The Finance Commissions 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 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.
Pay Commission is set up by Government of India, and gives its recommendations regarding changes in salary structure of its employees set up in 1947, Since India's Independence, seven pay commissions have been set up on a regular basis to review and make recommendations on the work and pay structure of all civil and military divisions of the Government of India. Headquartered in Delhi(India), the commission is given 18 months from date of its constitution to make its recommendations.
Marpadi Veerappa Moily is an Indian politician belonging to the Indian National Congress from the state of Karnataka.
The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the provisions of the FRBMA. N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
The Sixth Finance Commission of India was incorporated in the year 1973 consisting of Shri K. Brahmananda Reddy as the chairman.
The Tenth Finance Commission of India was incorporated in the year 1992 consisting of Shri Krishna Chandra Pant as the chairman.
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.
The Fourth Finance Commission of India was constituted on 18 May 1964, under the chairmanship of Dr. P. V. Rajamannar.
The Eleventh Finance Commission of India was appointed by the President on 3 July 1998 for the period 2000-2005.
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.
The Twelfth Finance Commission of India was appointed on 1 November 2002 to make recommendations on the distribution of net proceeds of sharable taxes between union and states. The commission was headed by veteran economist of India, C. Rangarajan. The commission submitted its report on 30 November 2004 and covered the period from 2005-10.
The Income Tax Department is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India. It also enforces other economic laws such as the Benami Transactions (Prohibition) Act, 1988, and the Black Money Act, 2015.
The First Finance Commission of India was appointed in 1951, for the period 1952-57 by the President of India and was chaired by K. C. Neogy.
The Second Finance Commission of India was constituted by president Rajendra Prasad on 1 June 1956.
The Ninth Finance Commission of India was set up in June 1987 under the chairmanship of Mr. N.K.P Salve.
The Thirteenth Finance Commission of India was constituted by the President of India under the chairmanship of Vijay L. Kelkar on 13 November 2007.
The Fourteenth Finance Commission of India was a finance commission constituted on 2 January 2013. The commission's chairman was former Reserve Bank of India governor Y. V. Reddy and its members were Sushma Nath, M. Govinda Rao, Abhijit Sen, Sudipto Mundle, and AN Jha. The recommendations of the commission entered force in April 2015; they take effect for a five-year period from that date.
The Fifteenth Finance Commission is an Indian Finance Commission constituted in November 2017 and is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 2020-04-01. The commission's chairman is Nand Kishore Singh, a senior member of the Bharatiya Janata Party (BJP) since March 2014, with its full-time members being Ajay Narayan Jha, Ashok Lahiri and Anoop Singh. In addition, the commission also has a part-time member in Ramesh Chand. Shaktikanta Das served as a member of the commission from November 2017 to December 2018.
| Departments |
|  | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secretaries |
| |||||||||||||||||
| Finance Ministers |
| |||||||||||||||||
| Ministers of State for Finance |
| |||||||||||||||||
| Chief Economic Advisor | ||||||||||||||||||
| Finance Commissions | ||||||||||||||||||
