Under which article is the Finance Commission constituted?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 280.
The Finance Commission of India is constituted under Article 280 of the Indian Constitution.
The Finance Commission is established under Article 280 of the Constitution of India. It is a constitutional body formed by the President of India every five years or earlier, if necessary. Its main role is to recommend the distribution of tax revenues between the Centre and the States, and among the states themselves. The Commission also advises on grants-in-aid to states and other fiscal matters. The recommendations of the Finance Commission are crucial for maintaining a fair and balanced fiscal federal structure in India. The first Finance Commission was set up in 1951, with K.C. Neogy as its chairman.
Other Options:
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Article 324: Deals with the Election Commission.
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Article 338: Relates to the National Commission for Scheduled Castes.
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Article 148: Pertains to the Comptroller and Auditor General of India (CAG).