A Finance Commission is a constitutional body established to divide and allocate certain sources of revenue between the Union and State governments. It is not a permanent body and is instead established periodically by the President under Article 280 of the Indian Constitution. According to the Constitution, after every 5 years, a Finance Commission is created. It is headed by a Chairman and has 4 other members. Legally, the qualifications of the members of the commission are decided by the Parliament.