How many members are in Finance Commission?

The correct answer is A chairman and four other members.

Key Points

• The Finance Commission is constituted by the President of India under Article 280 of the Constitution.
• The Finance Commission consists of a chairman and four other members.
• The chairman is selected based on having experience in public affairs.
• Other members must possess qualifications specified in the Finance Commission Act, 1951.

Important Points

• The Finance Commission is a constitutional body that determines the financial relations between the central and state governments.
• It makes recommendations regarding the distribution of tax revenues between the Union and the States.
• The recommendations of the Finance Commission are advisory and not binding on the government.
• The Finance Commission is reconstituted every five years, or at earlier intervals, as needed.