<h1>Fifteenth Finance Commission Report Explores Tax Devolution, Local Grants, and Defense Funding for 2021-26 Amid COVID-19 Challenges.</h1> The Fifteenth Finance Commission submitted its report for 2021-22 to 2025-26 to the President of India. The report, led by the Chairman and other commission members, addresses the terms of reference, including tax devolution, local government grants, disaster management, and performance incentives for states in sectors like power and waste management. It also explores a potential funding mechanism for defense and internal security. The report is divided into four volumes, analyzing both Union and State finances, and will be publicly available after being tabled in Parliament. The report's cover reflects the balance between States and the Union amidst COVID-19 challenges.