Sixth Finance Commission

	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 A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. Depending on the jurisdiction, revenue services may be charged ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	State Governments Of India State governments in India are the governments ruling over 28 states and 8 union territories of India and the head of the Council of Ministers in a state is the Chief Minister. Power is divided between the Union government and state governments. While the Union government handles defence, external affairs etc., the state government deals with internal security and other state issues. Income for the Union government is from customs duty, excise tax, income tax etc., while state government income comes from sales tax (VAT), stamp duty etc.; now these have been subsumed under the various components of the Goods and Services Tax Each state has a legislative assembly. A state legislature that has one house - State Legislative Assembly (Vidhan Sabha) - is a unicameral legislature. A state legislature that has two houses - the State Legislative assembly and State Legislative Council (Vidhan Parishad) - is a bicameral legislature. The Vidhan Sabha is the lower house and corresp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
picture info	Corporation Tax A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. A country's corporate tax may apply to: * corporations incorporated in the country, * corporations doing business in the country on income from that country, * foreign corporations who have a permanent establishment in the country, or * corporations deemed to be resident for tax purposes in the country. Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts or types of entities may be exempt from tax. The incidence of corporate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
picture info	Income Tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdicti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	National Development Council (India) The National Development Council (NDC) or ''Rashtriya Vikas Parishad'' is the apex body for decision creating and deliberations on development matters in India, presided over by the Prime Minister. It was set up on 6 August 1952 to strengthen and mobilize the effort and resources of the nation in support of the Five Year Plans made by Planning Commission, to promote common economic policies in all vital spheres, and to ensure the balanced and rapid development of all parts of the country. The Council comprises the Prime Minister, the Union Cabinet Ministers, Chief Ministers of all States or their substitutes, representatives of the Union Territories and the members of the NITI Aayog (erstwhile Planning Commission). NDC (National Development Council) has been proposed to be abolished. But till date no resolution has been passed to abolish it. Since the inception of NITI Aayog's Governing Council (which has almost the same composition and roles as NDC), the NDC has had no w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Arrears Arrears (or arrearage) is a legal term for the part of a debt that is overdue after missing one or more required payments. The amount of the arrears is the amount accrued from the date on which the first missed payment was due. The term is usually used in relation with periodically recurring payments such as Renting, rent, Bill (payment), bills, royalties (or other contractual payments), and child support. Payment in arrear is a payment made after a service has been provided, as distinct from in advance, which are payments made at the ''start'' of a period. For instance, rent is usually paid in advance, but mortgages in arrear (the interest for the period is due at the end of the period). Employees' salaries are usually paid in arrear. Payment at the end of a period is referred to by the singular arrear, to distinguish from past due payments. For example, a housing tenant who is obliged to pay rent at the end of each month, is said to pay rent ''in arrear,'' while a tenant who has ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Tax Collection A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. Depending on the jurisdiction, revenue services may be charged with tax collection, investigation of tax evasion, or carrying out audits. In certain instances, they also administer payments to certain relevant individuals (such as statutory sick pay, statutory maternity pay) as well as targeted financial support (welfare) to families and individuals (through payment of tax credits or transfer payments). The chief executive of the revenue agency is usually styled as Commissioner, Minister, Secretary or Director. Revenue services by jurisdiction }, AFIP) , — , - , , State Revenue Committee of Armenia ( hy, Պետական Եկամուտների Կոմիտե (ՊԵԿ)) , — , - , , Australian Taxation Office (ATO) , — , - , , National Board of Revenue , — , - , , Barbados Revenue Authoritybr>, � ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
picture info	Finance Commission Of India The Finance Commissions (IAST: ''Vitta Āyoga'') 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 in 2017 and is chaired by N. K.Singh, a former member of the Planning Commissio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]