Which of the following statements are correct about Finance Commission?begin{enumerate}item It is a statutory body.item It is constituted under article 280 of Indian constitution.item Mr. K. C. Pant is the Chairman of 13 Finance Commission.end{enumerate}

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following statements are correct about Finance Commission?

A	Only 1
B	2 and 3
C	1 and 2
D	All the above.

Explanation:

Detailed explanation-1: -Detailed Solution. The correct answer is 2 and 3 only. The President of India constitutes the Finance Commission every 5 years. Hence, Statement 3 is correct.

Detailed explanation-2: -Finance Commission is a constitutional body. Finance Commission was constituted to recommend the distribution of the net proceeds of taxes between the Centre and states, and among the states.

Detailed explanation-3: -The Finance Commission is a Constitutionally mandated body that is at the centre of fiscal federalism.

Detailed explanation-4: -The Finance Commissions (IAST: Vitta Āyoga) are commissions periodically constituted by the President of India under Article 280 of the Indian Constitution to define the financial relations between the central government of India and the individual state governments.

There is 1 question to complete.