Q. After how many years Finance Commission is appointed?
Answer: 5 years
Notes: As per the Constitution, the commission is appointed every five years and consists of a chairman and four other members. Till date, Fourteen Finance Commissions have submitted their reports. The First Finance Commission was established by the President of India in 1951 under Article 280 of the Indian Constitution. It was formed to define the financial relations between the central government of India and the individual state governments.