The correct answer is option 4 - a quinquennial body.
The Finance Commission is a constitutional body in India that is appointed every five years. It is responsible for recommending the distribution of financial resources between the Central and State governments. The quinquennial nature of the Finance Commission allows it to review and assess the financial position of the government and suggest ways to allocate funds for various programs and initiatives.
Option 1 - stating that the Finance Commission is a permanent body is incorrect. If it were a permanent body, it would not need to be appointed every five years.
Options 2 and 3 - suggesting that the Finance Commission is an annual or triennial body are also incorrect. The Finance Commission operates on a five-year cycle, making these options inaccurate.