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Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Constitution of the Finance Commission for Panchayats and Municipalities.Section 4 · Term of office of Chairperson and Members.Section 5 · Member to act as Chairperson or to discharge his functions in certain circumstances.Section 7 · Vacancies etc. not to invalidate the proceedings of the Commission.Section 8 · Procedures to be regulated by the Commission.Section 9 · Office and other staff of the Commission.India Code, Government of India. Text fetched 11 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.