The Finance Commission is formed every 5 years. The Finance Commission is a constitutional body in India that is responsible for recommending the distribution of financial resources between the central government and the state governments. It is formed to promote fiscal federalism and ensure a fair distribution of funds among different states and union territories. The commission is composed of a chairman and four other members who are experts in finance and economics. They are appointed by the President of India and serve for a fixed term of 5 years. The recommendations of the Finance Commission play a crucial role in determining the allocation of funds for various developmental activities and schemes in the country.