![]() (2) All other public moneys received by or on behalf of the Government of India or the Government of a State shall be credited to the public account of India or the public account of the State, as the case may be. (1) Subject to the provisions of article 267 and to the provisions of this Chapter with respect to the assignment of the whole or part of the net proceeds of certain taxes and duties to States, all revenues received by the Government of India, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled "the Consolidated Fund of India", and all revenues received by the Government of a State, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled "the Consolidated Fund of the State". Consolidated Funds and public accounts of India and of the Statesĭefine consolidated fund in Union and StatesĮxplain public accounts of India and of States It means that it should be within the legislative competence of the legislature which enacts such a law and further, it should not violate other provisions of the Constitution.Īrticle 266. There is another implied limitation that law providing for taxation must be a valid law. Tax cannot be levied or collected by mere executive action. This article imposes a restriction on the executive power of the States or the Union because law here means law made by the legislature. ![]() ![]() No tax shall be levied or collected except by authority of law. Taxes not to be imposed save by authority of Law In this part 'Finance Commission' means a Finance Commission constituted under article 280.Īrticle 265. Constitutional Law of India - Chapter 26 - Finance, Property, Contracts
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