The correct answer is 2020-2025.

• The Government of India has constituted the Fifteenth Finance Commission with 2020-2025 as its operating period.
• The Fifteenth Finance Commission (XVFC) led by Chairman Sh N K Singh, submitted its Report for the period 2021-22 to 2025-26 to the Hon’ble President of India.

• The Finance Commission in India is constituted by the President.
• The first finance commission was constituted in 1951.
• Finance Commission is a constitutional body for the purpose of allocation of certain revenue resources between the Union and the State Governments.
• It functions as a quasi-judicial body.
• The finance commission is appointed every five years.
• The President lays the reports of the Finance commission before both the Houses of the Parliament.
• The finance commission recommends to the President relating to the distribution of the net taxes to be shared between the centre and the states.
• The finance commission consists of a Chairman and four members.

• Article 280 of the Constitution deals with Finance Commission.
• The first chairman of Finance Commission - K.C Neogy.
• The Chairman of 15th Finance Commission - Nand Kishore Singh.
• Members of 15th Finance Commission - Ashok Lahiri, Ajay Narayan Jha, Anoop Singh and Ramesh Chand.
• The 15th Finance Commission has released a report titled ‘Finance Commission in COVID Times’ on 1st February 2021.
• The financial year runs from 1st April to 31st March next year.
• Finance Secretary - Ajay Bhushan Pandey
• Article 360 - Financial Emergency
• No Financial Emergency has been declared so far in India.