Article 280 gives the Finance Commission a Chairman and four other members, all appointed by the President

Background

Article 280 of the Constitution requires the President to constitute a Finance Commission within two years from the commencement of the Constitution and thereafter at the expiration of every fifth year, or at such earlier time as the President considers necessary.
The Commission consists of a Chairman and four other members, all appointed by the President, and Parliament may by law determine the qualifications required for appointment and the manner of selection.
Its duty is to recommend the distribution between the Union and the States of the net proceeds of divisible taxes and the allocation of the respective shares between the States; the principles governing grants-in-aid of the revenues of the States out of the Consolidated Fund of India; the measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and of the Municipalities on the basis of the recommendations of the State Finance Commission; and any other matter referred to it by the President in the interests of sound finance.
The Commission determines its own procedure and has such powers as Parliament may by law confer on it.
Under Article 281 the President must cause every recommendation of the Commission, together with an explanatory memorandum on the action taken, to be laid before each House of Parliament.
The Commission normally takes about two years to make its recommendations; the Advance Cell of the Sixteenth Finance Commission was formed in the Ministry of Finance on 21.11.2022 to oversee preliminary work before the Commission was formally constituted.