The correct answer is 4. Explanation & Key Takeaways: • The Finance Commission of India is composed of five members in total: one Chairman and four other members. • The Chairman is selected based on their expertise in public affairs, whereas the other four members are chosen for their knowledge in finance, administration, and economics. • The Finance Commission is a constitutional body established under Article 280 of the Indian Constitution. • The primary role of the Finance Commission is to recommend the distribution of tax revenues between the Centre and the States. Related Concepts: • Constitutional Provisions • The Finance Commission is constituted by the President of India every five years under Article 280 of the Constitution. • It is tasked with recommending measures to improve the financial health of the State and Union governments. • Functions of the Finance Commission • It determines the division of net tax proceeds between the Centre and States. • It recommends the principles to distribute these funds among the states. • Qualifications of Members • The members of the Finance Commission must have specialized knowledge in finance, economics, public administration, or governance. • Recent Finance Commissions • The 15th Finance Commission, chaired by N.K. Singh, was constituted in 2017 and submitted its final report for the period 2021-26. • Its recommendations focus on fiscal consolidation, tax devolution, and grants-in-aid for the states.