Explanation:

- Option 1: 1962

- This is not the correct year for the establishment of the Planning Commission of India.

- The Commission was already functioning by this year.

- Option 2: 1950

- The Planning Commission of India was established in this year.

- It was set up by a resolution of the Government of India in March 1950.

- Responsible for formulating five-year plans to oversee the planned economic development and allocation of resources.

- Option 3: 1958

- This year does not align with the historical establishment of the Planning Commission.

- The Commission was operational well before this date.

- Option 4: 1945

- This year predates India's independence and the establishment of its Planning Commission.

- Hence, it cannot be the year of its setup.