With reference to Union Finance Commission which of the following statement/s is/are correct?

(1) Finance Commission has a Chairman and six members.
(2) It submits its report to the NlTl Aayog.

Select the correct answer using the code given below—
Code -

A) Only 1

B) Only 2

C) Both 1 and 2

D) Neither 1 nor 2

This MCQ is part of the UP PSC Previous Year Questions (PYQs) series, focusing on UPPSC Prelims 2023 (GS Paper I)