Ans. The Finance Commission and the Planning Commission are two different bodies in India with distinct roles.
The Finance Commission is a constitutional body that is set up every five years to recommend the distribution of financial resources between the central government and the state governments. It assesses the resources of the central government and recommends the principles governing the distribution of these resources among the states. The Finance Commission focuses on fiscal matters and aims to ensure a fair distribution of funds to the states.
On the other hand, the Planning Commission was a non-constitutional body that was responsible for formulating five-year plans for the country's economic and social development. It played a role in allocating funds for various developmental projects and programs. However, in 2014, the Planning Commission was replaced by the NITI Aayog, a policy think tank that provides strategic and technical advice to the central and state governments.