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Under which one of the following Articles is the formation of Finance Commission laid down?
- a)Article 280
- b)Article 269
- c)Article 268
- d)Article 265
- e)None of the above/More than one of the above
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Under which one of the following Articles is the formation of Finance ...
Formation of Finance Commission - Article 280 of the Constitution of India
The correct answer is option 'A', i.e., Article 280. The formation of the Finance Commission is laid down under Article 280 of the Constitution of India. Let's discuss this in detail.
Introduction to Finance Commission:
- The Finance Commission is a constitutional body that is established by the President of India every five years or at such earlier time as he considers necessary.
- The primary role of the Finance Commission is to make recommendations to the President regarding the distribution of the net proceeds of taxes between the Union and the States and the allocation of these proceeds among the States.
Article 280 of the Constitution of India:
- Article 280 deals specifically with the Finance Commission.
- It outlines the composition, functions, and powers of the Finance Commission.
- The Finance Commission consists of a Chairman and four other members appointed by the President.
- The qualifications, terms of office, and conditions of service of the Chairman and members are determined by the President.
- The Finance Commission is an independent body and is not subject to the control of any other authority.
Functions of the Finance Commission:
- The main function of the Finance Commission is to recommend the distribution of the net proceeds of taxes between the Union and the States.
- It also recommends the principles that should govern the grants-in-aid to be given to the States by the Union.
- The Finance Commission also makes recommendations on any other matter referred to it by the President in the interests of sound finance.
Powers of the Finance Commission:
- The Finance Commission has the power to determine its procedure and regulate its own procedure.
- It also has the power to appoint its own staff.
- The recommendations of the Finance Commission are binding on the government.
Conclusion:
- The formation of the Finance Commission is laid down under Article 280 of the Constitution of India.
- This article defines the composition, functions, and powers of the Finance Commission.
- The Finance Commission plays a crucial role in the distribution of financial resources between the Union and the States, ensuring fiscal federalism in India.
The correct answer is option 'A', i.e., Article 280. The formation of the Finance Commission is laid down under Article 280 of the Constitution of India. Let's discuss this in detail.
Introduction to Finance Commission:
- The Finance Commission is a constitutional body that is established by the President of India every five years or at such earlier time as he considers necessary.
- The primary role of the Finance Commission is to make recommendations to the President regarding the distribution of the net proceeds of taxes between the Union and the States and the allocation of these proceeds among the States.
Article 280 of the Constitution of India:
- Article 280 deals specifically with the Finance Commission.
- It outlines the composition, functions, and powers of the Finance Commission.
- The Finance Commission consists of a Chairman and four other members appointed by the President.
- The qualifications, terms of office, and conditions of service of the Chairman and members are determined by the President.
- The Finance Commission is an independent body and is not subject to the control of any other authority.
Functions of the Finance Commission:
- The main function of the Finance Commission is to recommend the distribution of the net proceeds of taxes between the Union and the States.
- It also recommends the principles that should govern the grants-in-aid to be given to the States by the Union.
- The Finance Commission also makes recommendations on any other matter referred to it by the President in the interests of sound finance.
Powers of the Finance Commission:
- The Finance Commission has the power to determine its procedure and regulate its own procedure.
- It also has the power to appoint its own staff.
- The recommendations of the Finance Commission are binding on the government.
Conclusion:
- The formation of the Finance Commission is laid down under Article 280 of the Constitution of India.
- This article defines the composition, functions, and powers of the Finance Commission.
- The Finance Commission plays a crucial role in the distribution of financial resources between the Union and the States, ensuring fiscal federalism in India.
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Community Answer
Under which one of the following Articles is the formation of Finance ...
The correct answer is 'Article 280'.
- President of India appointed the Financial Commission every five years.
- Under A 281- President lay recommendations of the Finance Commission before each house of Parliament.
- Composition- One Chairman and Four other members.
- Its recommendations are advisory in nature.
- Functions of FC-
- Net tax proceeds distribution between Centre and States.
- To make a grant in aid principles to States out of Consolidated Fund of India.
- Provisions for resource allocations for Panchayats and Municipalities.
- As per the Code of Civil Procedure 1908, the FC has all the powers of a Civil Court.
Important Points
- First Financial Commission was formed in 1951 under Chairman KC Neogy.
- Second Financial Commission was formed in 1956 under Chairman K Santhanam.
- The latest 15th Financial Commission was formed in 2017 under Chairman NK Singh.
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Under which one of the following Articles is the formation of Finance Commission laid down?a)Article 280b)Article 269c)Article 268d)Article 265e)None of the above/More than one of the aboveCorrect answer is option 'A'. Can you explain this answer?
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