Cabinet approves setting up of the 15th Finance Commission which under Article 280(1) of the Constitution,it is a Constitutional obligation.
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15th Finance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation. The Terms of Reference for the 15thFinance Commission will be notified in due course of time.
Background:
Article 280(1) of the Constitution lays down that a Finance Commission (FC) should be constituted “…within two years from the commencement of this Constitution and thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary…”.In keeping with this requirement, the practice has generally been to set up next Finance Commission within five years of the date of setting up of the previous Finance Commission.
Fourteen (14)Finance Commissions have been constituted in the past. The 14th Finance Commission was set up on 02.01.2013 to make recommendations covering the period of five years commencing on 1st April, 2015. The Commission submitted its Report on 15th December, 2014. The recommendations of the 14th Finance Commission are valid upto the financial year 2019-20. In terms of Constitutional provisions, setting up the 15th Finance Commission, the recommendations of which will cover the five years commencing on April 1, 2020, has now become due.
Appeal against every decision of ITAT shall lie only before the High Court within whose jurisdiction the Assessing Officer who…
Supreme Court recommends action against Commissioner of Customs who relied upon non-existent AI generated case laws. Supreme Court recommends action…
ITAT power to pass such orders "as it thinks fit" implies a judicial discretion to be exercised within the parameters…
Mere non-deduction of TDS by the deductor on a transaction does not change the character of the transaction to make…
ICAI has extended the last date to online submit Multipurpose Empanelment Form (MEF)- 2026-27 from 29th August 2026 to 9th…
Can a demand notice be issued u/s 156 for non-payment of Dividend tax u/s 115-O, when as per assessment order…