The correct answer is Article 280. Explanation & Key Takeaways: • Article 280 of the Indian Constitution mandates the President of India to constitute a Finance Commission at the expiration of every fifth year or at such earlier time as the President considers necessary. • The primary function of the commission is to act as a balancing wheel of fiscal federalism in India by recommending the distribution of net proceeds of taxes between the Union and the States. • It provides the principles that should govern the grants-in-aid to the States out of the Consolidated Fund of India under Article 275. • The commission consists of a Chairman and four other members appointed by the President, whose qualifications are determined by the Parliament under the Finance Commission (Miscellaneous Provisions) Act, 1951. • The recommendations made by the Finance Commission are advisory in nature and are not binding on the Government of India. Related Concepts: • Article 299: • Relates to Contracts made in the exercise of the executive power of the Union or a State. • It stipulates that all such contracts must be expressed to be made by the President or the Governor. • Article 270: • Deals with the distribution of taxes levied and collected by the Union and distributed between the Union and the States. • This includes taxes on income other than agricultural income. • Article 291: • This article previously dealt with Privy Purse sums of Rulers of former Indian States. • It was repealed by the Constitution (Twenty-sixth Amendment) Act, 1971, which abolished the titles and privileges of the princely states. • Historical Context: • The First Finance Commission was established in 1951. • It was chaired by K.C. Neogy, setting the precedent for subsequent fiscal allocations in independent India.