Finance Commission is constituted1. Every year2. Once in four years3.

1.	Finance Commission is constituted1. Every year2. Once in four years3. Once in two years4. Once in five years
Answer» Correct Answer - Option 4 : Once in five years The correct answer is Once every five years. Finance Commission is constituted once in every five years. The Finance Commissions are commissions constituted by the President of India under Article 280 of the Indian Constitution. The First Commission was established in 1951 under The Finance Commission Act, 1951. Fifteen Finance Commissions have been constituted since the promulgation of the Indian Constitution in 1950. The Finance Commission was established in 1951 by Dr B.R. Ambedkar, the then-incumbent law minister. Article 280 of the Indian Constitution defines the scope of the commission: The President will constitute a finance commission within two years from the commencement of the Constitution and thereafter at the end of every fifth year or earlier. The most recent was constituted in 2017 and is chaired by N. K.Singh, a former member of the Planning Commission. Important Functions of Commissions include : Distribution of 'net proceeds' of taxes between Center and the States, to be divided as per their respective contributions to the taxes.

Finance Commission is constituted1. Every year2. Once in four years3. Once in two years4. Once in five years

Answer» Correct Answer - Option 4 : Once in five years

The correct answer is Once every five years.

Finance Commission is constituted once in every five years.

The Finance Commissions are commissions constituted by the President of India under Article 280 of the Indian Constitution.
The First Commission was established in 1951 under The Finance Commission Act, 1951.
Fifteen Finance Commissions have been constituted since the promulgation of the Indian Constitution in 1950.
The Finance Commission was established in 1951 by Dr B.R. Ambedkar, the then-incumbent law minister.
Article 280 of the Indian Constitution defines the scope of the commission: The President will constitute a finance commission within two years from the commencement of the Constitution and thereafter at the end of every fifth year or earlier.

The most recent was constituted in 2017 and is chaired by N. K.Singh, a former member of the Planning Commission.
Important Functions of Commissions include :
- Distribution of 'net proceeds' of taxes between Center and the States, to be divided as per their respective contributions to the taxes.