2B: Finance Commission, Black Money & 2C: subsidies, revenue expenditure

Table of Contents

23 ( ) Taxation Finance Commission 🍋 �⚖�👨�👳🏻♀�👳🏻 →

..................................................................377

23.1 Introduction to Finance Commission (वित्त

आयोग)...................................................................................377

23.2 ( ) Fifteenth FC Composition (setup in 2017-Nov) 🕵�♂� 🍋 �⚖�👨�

.........................................................378

23.2.1 15th FC Terms of Reference (TOR: 📑

विचारार्थविषय)?...............................................................................................378

23.3 [ ( )] FC: Vertical Tax Devolution from Union to States 🍋 �⚖� 👨�👳🏻♀�👳🏻
.............................................379

23.4 [ ] Horizontal Tax Devolution among States 🍋 👨�⚖�👳🏻♀�⚖�👳🏻

..............................................................379

23.4.1 [ ]15th FC: Horizontal devolution: States’ share 🍋 👨�⚖�👳🏻♀�⚖�👳🏻

.......................................................................380

23.4.2 14th Finance Commission- Horizontal formula 🍋

.............................................................................................381

23.4.3 Finance Commissions & the fate of UTs of J&K & Ladakh �
............................................................................381

23.4.4 ( ) Grants from Union to States : 14 � 💸�🏼 👨�👳🏻♀� → th

FC.................................................................................381

23.4.5 ( ) Grants from Union to States : 15 � 💸�🏼 👨�👳🏻♀� → th

FC..................................................................................382

23.4.6 Post-Devolution Revenue Deficit Grants ( 💸�🏼🤦🏼♂� अंतरण-पश्च राजस्व घाटा

अनुदान)..........................................................383

23.4.7 15th FC: Special Grants: ( 💸�🏼🙋🏿 विशेष

अनुदान)..........................................................................................................384

23.4.8 15th FC: Local Bodies Grants ( 💸�🏼🏕 स्थानीय निकाय

अनुदान)........................................................................................384
23.4.9 15th FC: Disaster Management Grants ( 💸�🏼🌬🌪 आपदा प्रबंधन
अनुदान:)...................................................................385

23.4.10 15th FC: Sector Specific Grants ( 💸�🏼🍽 क्षेत्र-विशिष्ट अनुदान)-

Malnutrition..............................................................385

23.4.11 15th FC: Sector Specific Grants ( 💸�🏼🍽 क्षेत्र-विशिष्ट अनुदान)-

Health.........................................................................385

23.4.12 15th FC: Sector Specific Grants ( 💸�🏼🍽 क्षेत्र-विशिष्ट अनुदान)-

Others(अन्य)................................................................386

23.4.13 Defence and Internal Security Fund for Union 💸💣�

.....................................................................................386

23.5 ( ) FC: Giving Permanent Status ( 🕵�♂� 🍋�⚖�👨� � स्थायी

दर्जादेना)...............................................................387

23.6 FC vs PC vs NITI: What’s the Difference? 🕵🏻

.......................................................................................387

23.7 ( ) Special Category States? 🍋 �⚖�🤷♂�🙏 विशेष श्रेणी

केराज्य?........................................................................388

24 Taxation Black Money & Allied Issues 🍋👺🕵🏻 →

......................................................................389

24.1 ( ) Black Money → Notable Organisations 🍋👺 🕵🏻

...............................................................................391

24.2 Tax Evasion (Hiding Income / Transaction) ( 🍋👺 कर

चोरी)..................................................................392

24.2.1 Prevention of Money Laundering Act (PMLA-2002) 🍋👺⚖�

..........................................................................392

24.2.2 PMLA Reporting Norms to apply on Crypto-exchanges (2023) 🔎🌸🌐

.........................................................392

24.3 Burden of Proof & PMLA �

..................................................................................................................392

24.3.1 PMLA Amendments via Finance Bill = Money Bill? 🍫

......................................................................................393
24.3.2 Undisclosed Foreign Income & Assets Act (UFIA-2015) 🍋👺⚖�
....................................................................394

24.3.3 Benami Transactions Prohibition Act (BTPA- 1988, 2016) 🍋👺⚖�

.................................................................394

24.4 ( ) Tax Evasion Govt Announcements 🍋👺 💼 →

.................................................................................395

24.4.1 Tax (Evasion) “Surrender” schemes 🍋👺🙌

........................................................................................................395

24.4.2 Vivad se Vishwas Scheme for Direct Taxes ( Budget-2020) 🍋👺🙌 💼

.............................................................395

24.4.3 Dispute Resolution Committee (DRC) in Budget-2021 🍋👺🙌 💼

...................................................................396

24.4.4 TDS on influencers / influencer

tax........................................................................................................................396

24.4.5 Tax Evasion Other Initiatives from older days ( 🍋👺 → अन्य

कदम).......................................................................396

(Batch:PCB10-Prelims) Mrunal’s Economy Pillar#2B: Budget → Revenue → 15th FC, Black

Money, Subsidies→ Page 375