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Third Finance Commission
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.
Members of the commission were:
The commission was asked to make recommendations to the President with regard to the following:-
With regard to the terms of reference the following were the recommendations made by the Finance Commission:-
The Finance Commission recommended the formulation of an independent commission to assess the tax potential of each state, to review its tax structure and to recommend rates under different heads of the levies of the state list :-
With regard to the divisible pool of income tax among the states the Finance Commission adopted the criterion of the first Finance Commission that 80% be distributed on the basis of population and 20% on the basis of collection.
The recommended percentage share of the states in divisible pool of the Income Tax:
With regard to the distribution of the proceeds of Union Excise Duty, the Finance Commission decided to cover all commodities on the existing list. It recommended that 20% of the net proceeds of Union Excise Duty on all commodities on which such duties were collected and the yield of which exceeded Rs. 50 lakhs in 1960-61 should be allocated to the state.
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Third Finance Commission
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.
Members of the commission were:
The commission was asked to make recommendations to the President with regard to the following:-
With regard to the terms of reference the following were the recommendations made by the Finance Commission:-
The Finance Commission recommended the formulation of an independent commission to assess the tax potential of each state, to review its tax structure and to recommend rates under different heads of the levies of the state list :-
With regard to the divisible pool of income tax among the states the Finance Commission adopted the criterion of the first Finance Commission that 80% be distributed on the basis of population and 20% on the basis of collection.
The recommended percentage share of the states in divisible pool of the Income Tax:
With regard to the distribution of the proceeds of Union Excise Duty, the Finance Commission decided to cover all commodities on the existing list. It recommended that 20% of the net proceeds of Union Excise Duty on all commodities on which such duties were collected and the yield of which exceeded Rs. 50 lakhs in 1960-61 should be allocated to the state.