The correct answer is option 3, which states that the Finance Commission is constituted by the President after every five years.

Option 1, which suggests that the Council of Ministers constitutes the Finance Commission, is incorrect. The Council of Ministers does not have the authority to constitute the Finance Commission.

Option 2, stating that the Parliament constitutes the Finance Commission, is also incorrect. The Finance Commission is not constituted by the Parliament, but by the President.

Option 4, which mentions the Comptroller and Auditor General as the constituting body of the Finance Commission, is also incorrect. The Comptroller and Auditor General does not have the power to constitute the Finance Commission.

Therefore, the correct answer is option 3, where the Finance Commission is constituted by the President after every five years.