The Finance Commission consists of one Chairman and four other members under Article 280. It is appointed by the President every five years. It recommends distribution of financial resources between Union and States. This ensures fiscal federalism. Other numbers are incorrect.

The Finance Commission under Article 280 is the chief advisory body on distribution of tax revenues between the Union and States. It is constituted every five years by the President. It recommends sharing of taxes and grants-in-aid. This ensures fiscal federalism. Planning Commission was not constitutional.

The number of Finance Commissions is time-dependent and increases periodically, as one is constituted every five years under Article 280. By the time of this exam, the number had already exceeded the options given. Hence the question is ambiguous and context-dependent. The marked answer reflects exam expectation, but the question itself is factually unstable.