This article poses four questions which will need to be addressed by the recently-constituted Fourteenth Finance Commission. Given an expansive terms of reference, should the commission confi ne itself to its constitutional mandate? Second, should the commission seek to develop incentive frameworks which will carry credibility with future commissions? Third, should the commission encourage better fiscal performance in the states more explicitly? Fourth, should the commission provide fiscal headroom in its projections for accommodating unanticipated developments?