FINANCIAL RELATIONS-PROCEDURES-PART XII 264-300A Art 265: No tax - TopicsExpress

FINANCIAL RELATIONS-PROCEDURES-PART XII 264-300A Art 265: No tax can be levied except under authority of Law- 75 days provisional collection of tax allowed. 1) Art 266:Consolidated Fund and Public Accounts of Union and States 2) Art 267:Contingency Fund-at the disposal of President or Governor. 3) Art 268 to 272-Distribution of Taxes between States and Centre. Surcharge to Union (i) Levied by Union but collected and apportioned by States- Stamp duties and excise on medicinal and toilet preparation 268A- Service Tax included under Union List s per 88th amendment. (ii) Levied by Union but assigned to States-taxes on sale or purchase of goods and taxes ob consignment of goods. under Art 269 (iii) Levied, collected by Union but distributed between both- All taxes levied by Union under Union List other than agricultural income tax 80th amendment.- Art270. Entire surcharge on taxes too Union. As per Art 272 other excise duty may be distributed if Parliament makes law. 4) Agricultural income tax and allied can be presented only with the prior recommendation of President (5) Grants in Aid Art 275- to be determined by Finance commission and allocated by parliament. It is for welfare programmes of SC/ST.- for Administration of areas under Schedule5 and 6. As per Art 273 for jute export duty for assam, Bihar, Orissa abd West bengal (6) Profession Tax-Art 276 (7)Art 280: Finance Commission-to be constituted once in 5 years. Duties of Commission.(1) Distribution of net proceeds of taxes between Union and State (ii) Principles governing grants in aid, (iii) other referred to Commission by President (iv) to augument the consolidated fund of the Stateto supplement the resources of Panchayats and Minicipalities. 281: President to lay FC report before both Houses. 292 and 293- Powers of borrowing by Union and State- condition for State 299- Contracts- In the name of president or governor- but not persoanally liable 300- Suits- only against Union or State- soverign Immunity 300A- Right to property- cannot be deprived except under authority of Law.

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