Match the LIST-I with LIST-II

Finance Commission List I	Year of Constitution List II
A. The First Finance Commission	I. 1951
B. The Second Finance Commission	II. 1968
C. The Fifth Finance Commission	III. 1960
D. The Third Finance Commission	IV. 1956

Choose the correct answer from the options given below:

Correct option is C

The correct match between the Finance Commissions and their respective years of constitution is:

A. The First Finance Commission - I. 1951

B. The Second Finance Commission - IV. 1956

C. The Fifth Finance Commission - II. 1968

D. The Third Finance Commission - III. 1960

Hence, Option (c) is the correct match . 

Information Booster :
The First Finance Commission was constituted in 1951 under the leadership of K.C. Neogy.

The Second Finance Commission was formed in 1956, under the chairmanship of John Mathai.

The Fifth Finance Commission was set up in 1968 with S. Rajagopalachari as its head.

The Third Finance Commission was established in 1960 and was headed by V.K. Krishna Menon.

Additional Information :

The Finance Commissions are formed every five years as per Article 280 of the Indian Constitution to define the distribution of financial resources between the Union and the States.

The Finance Commission recommends the distribution of taxes between the central government and the states, which is crucial for India’s federal financial structure.

The First Finance Commission aimed to set up the system of grants-in-aid to states and proposed the criteria for sharing tax revenue between the Union and States.