Article 280 of the Constitution of India provides for a Finance Commission as a quasi judicial body. It is constituted by the President of India every fifth year or at such earlier time, as he considers necessary.
Composition of the Finance Commission
The Finance Commission shall consist of one chairman and four other members. The constitution of India empowers the Parliament for lay down the qualifications, disqualifications and the mode of appointment of members of the Commission.
The first Finance Commission (Miscellaneous Provisions) Act, was passed in 1951 which is amended in 1955. This Act lays down the qualification and disqualification of the chairman and members of the Finance Commission.