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CAT Exam  >  CAT Questions  >  Which of the following statements is/are corr... Start Learning for Free
Which of the following statements is/are correct about the Finance Commission of India?
1. The eligibility of members of the Finance Commission is determined by the President.
2. The First Finance Commission was constituted in 1951.
3. The President of India constitutes the Finance Commission every 5 years.
4. Chairman of Finance Commission submits his report to the Parliament of India.
  • a)
    1 and 2 only
  • b)
    2 and 3 only
  • c)
    3 and 4 only
  • d)
    1 and 4 only
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Which of the following statements is/are correct about the Finance Com...
The President of India constitutes the Finance Commission every 5 years. So, Statement 3 is correct.
The first Finance Commission was constituted in 1951. So, Statement 2 is correct.
The eligibility of members of the Finance Commission is determined by the Parliament of India. So, Statement 1 is incorrect.
Chairman of Finance Commission submits his report to the President of India. So, Statement 4 is incorrect.
Composition: Chairman and 4 members.
  • ​They make recommendations on
  • net proceeds distribution between union and state.
  • grant-in-aid from CFI (Consolidated Fund of India).
  • Principles and measures needed for augmentation of CFS (Consolidated Fund of State).
Resources to panchayats and municipalities.
Any other matter referred to the commission by President in the interest of sound finance.
Procedure and powers are defined by parliament law.
Hence, the correct option is (B).
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Community Answer
Which of the following statements is/are correct about the Finance Com...
Explanation:

  • The Finance Commission of India is a constitutional body established under Article 280 of the Indian Constitution.

  • The eligibility of members of the Finance Commission is determined by the President. The members of the Finance Commission are appointed by the President of India.

  • The First Finance Commission was constituted in 1951. The Finance Commission is constituted every five years as per Article 280 of the Constitution.

  • The Chairman of the Finance Commission submits his report to the President of India. The report is laid before both the Houses of Parliament along with an explanatory memorandum.

  • The Finance Commission plays a critical role in the distribution of resources between the Union and the States. It makes recommendations to the President of India on the distribution of taxes between the Union and the States and grants-in-aid to States.


Therefore, option B, which states that statements 2 and 3 are correct, is the correct answer.
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Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlyCorrect answer is option 'B'. Can you explain this answer?
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Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlyCorrect answer is option 'B'. Can you explain this answer? for CAT 2025 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlyCorrect answer is option 'B'. Can you explain this answer?.
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