Xv finance commission report? (2024)

Xv finance commission report?

The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that for 2020-21. This is less than the 42% share recommended by the 14^th Finance Commission for 2015-20 period.

What is the 15th Finance Commission report on urban local bodies?

The 15^th Finance Commission in its report for the period from 2021-22 to 2025-26 has divided the Urban Local Bodies into two categories: (a) Million-Plus urban agglomerations/cities (excluding Delhi and Srinagar), and (b) all other cities and towns with less than one million population (Non-Million Plus cities).

What did the 13th Finance Commission recommend to local bodies?

The 13th FC had recommended Grant-in-aid to local bodies as a percentage of the previous year's divisible pool of taxes after converting this share to grant-in-aid.

Who is present Karnataka State Finance Commission Chairman?

Finance commission is headed by former MP C Narayanaswamy, the panel will have retired IAS officer Mohamed Sanaulla and retired Controller in the State Accounts Department R S Phonde as members. The panel is directed to submit its report by the end of February 2024.

What is the Finance Commission of Punjab?

The Punjab Finance Commission will review the financial position of the Panchayats and Municipalities to make recommendations to the Governor for the distribution between the State and the Panchayats/Municipalities of the net proceeds of taxes and duties etc. leviable by the State Government.

Who reviews the financial position of the urban local bodies?

Explanation: The State Finance Commission looks into the financial position of the urban local bodies and suggests measures to the state government to improve the financial conditions of these bodies.

What are the urban local bodies?

There are several types of Urban Local bodies in India such as Municipal Corporation, Municipality, Notified Area Committee, Town Area Committee, Special Purpose Agency, Township, Port Trust, Cantonment Board etc.

When was the 13th Finance Commission established in India?

The Thirteenth Finance Commission (FC-XIII) was constituted by the President under Article 280 of the Constitution on 13 November 2007 to make recommendations for the period 2010-15.

Who was the 4th State Finance Commission of Karnataka?

The correct answer is Chinnaswamy. C.G. Chinnaswamy is the Chairman of the Fourth Finance Commission of Karnataka.

Who is the 4th Finance Commission in Karnataka?

The Karnataka government has constituted the fourth State Finance Commission with CG Chinnaswamy as Chairman and HD Amaranathan and H Shashidhar as members.

How many Finance commissions are there in Karnataka?

Karnataka govt forms fifth State Finance Commission | udayavani.

Who is the latest Finance Commission?

On 9 November 2020, the Fifteenth Finance Commission (XVFC) led by Chairman Sh N K Singh, submitted its report for the period 2021–22 to 2025–26 to the Hon'ble President of India. The final report with recommendations for the 2021-26 period was tabled in Parliament on February 1, 2021.

Who is the finance minister in Punjab?

On this occasion, Finance Minister Harpal Singh Cheema said that under Chief Minister Bhagwant Singh Mann led Punjab government's mission of providing maximum employment opportunities to the youth, the recruitment process of appointing another 52 candidates of Section Officers by Punjab Public Service Commission (PPSC) ...

Who is CIC Punjab?

Inderpal Singh is new chief information commissioner of Punjab.

Where do the local bodies get money from?

The funds of ULBs can be divided into four broad categories viz., (i) Own revenue which ULBs mobilise through their power to levy and collect taxes and fees viz., property tax, fire-brigade tax, taxes on vehicles, taxes on boats, education cess, development fees and rent on municipal property, (ii) Central Finance ...

What are the three types of urban local bodies?

How many local bodies are there in India?

There are around 3700 urban local bodies with 100 corporations, 1500 municipal councils and 2100 nagar panchayats, besides 56 cantonment boards—a kind of extra-constitutional body.

What are the 8 urban local bodies?

What is the difference between rural and urban local bodies?

The local bodies constituted for local planning, development and administration in the rural areas are referred as Rural Local Bodies (Panchayats) and the local bodies, which are constituted for local planning, development and administration in the urban areas are referred as Urban Local Bodies (Municipalities).

Who heads urban local bodies?

All the ULBs have a body comprising of Corporators/Councillors elected by the people under their jurisdiction. The Mayor/President who is elected on majority by the Corporators/Councillors presides over the meetings of the Council and is responsible for governance of the body.

Who was the President of First Finance Commission of India?

Rajendra Prasad. Dr. Rajendra Prasad served as the first President of India, holding the office from January 26, 1950, until May 13, 1962.

When was Indian financial year started?

Indeed, the Indian financial year is often referred to as the fiscal year and the tax year. The designated time period under consideration extends from April 1 to March 31, serving as a framework for financial, accounting, and tax-related activities.

Who introduced financial year in India?

What is the brief history Accounting year in India? The 12-month period from April 1 to March 31 is widely accepted as the accounting/fiscal/financial year in India. This was adopted by the British government in 1867 to align India's financial year with that of the British Empire.

Who sets up state finance commission?

Under Article 280, the State Finance Commission was established in all the states of India from 1993 on the lines of the Finance Commission of the Center. According to Article 243 I of the Indian Constitution, the State Finance Commission is appointed by the Governor for a period of 5 years.

Who is the first Finance Commission Chairman in Karnataka?

G. Thimmaiah is the first Chairman of the First Finance Commission of Karnataka.