FIFTEENTH Finance Commission with 2020-2025 as its operating period.The Fifteenth Finance Commission (XVFC) led by Chairman Sh N K Singh, SUBMITTED its Report for the period 2021-22 to 2025-26 to the Hon’ble President of India. The Finance Commission in India is constituted by the President.The first finance commission was constituted in 1951.Finance Commission is a constitutional body for the purpose of allocation of certain revenue resources between the Union and the State Governments.It functions as a quasi-judicial body.The finance commission is appointed every five years.The President lays the reports of the Finance commission before both the Houses of the Parliament.The finance commission recommends to the President relating to the distribution of the net taxes to be shared between the centre and the states.The finance commission consists of a Chairman and four members. Article 280 of the Constitution DEALS with Finance Commission.The first chairman of Finance Commission - K.C Neogy.The Chairman of 15TH Finance Commission - Nand Kishore Singh.Members of 15th Finance Commission - Ashok Lahiri, Ajay Narayan Jha, Anoop Singh and Ramesh Chand.The 15th Finance Commission has released a report titled ‘Finance Commission in COVID Times’ on 1st February 2021.The FINANCIAL year runs from 1st April to 31st March next year.Finance Secretary - Ajay Bhushan PandeyArticle 360 - Financial EmergencyNo Financial Emergency has been declared so far in India.