Detailed Solution:
The correct answer is “Neither 1 nor 2”.
The Finance Commission is constituted by the President under article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
1) The Finance Commission consists of a Chairman and four other members, making a total of five members (not six). So, the correct composition is one Chairman and four members.
2) The Finance Commission submits its report to the President of India.