Question:

Select the correct statements about 14th Finance Commission which submitted its report to President
1. It covers the period between 1 April 2015 and 31 March 2020.
2. The Commission headed by former RBI Governor Y V Reddy.
3. Provides for devolution of tax receipts from the Centre to the States.
4. Article 280 of Constitution provides for appointment of Finance Commission.
5. 1st and 13th Finance Commission was headed by K C Neogy & Dr Vijay Kelkar respectively.

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Finance Commissions are constitutional bodies formed every five years under Article 280.
Updated On: Aug 7, 2025
  • : 1, 3 & 5 are correct
  • : 1, 2 & 3 are correct
  • : 1, 3 & 4 are correct
  • : All are correct
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The Correct Option is D

Solution and Explanation

All five statements are correct regarding the 14th Finance Commission. It covered 2015–2020, was headed by Y. V. Reddy (former RBI Governor), and focused on the devolution of central taxes. Article 280 of the Indian Constitution is the foundational provision for Finance Commissions. The historical heads of the 1st and 13th commissions are also correctly stated.
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