Top Questions from Union Budget 2015-16
Union Finance Minister Arun Jaitley presented the Union Budget for 2015-16 on 28 February 2015. This was the first full budget of the NDA government led by Prime Minister Narendra Modi. Following are the important questions coming out of the proposals coming out of this Budget.
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1) What is the name of the proposed micro and SME development finance unit that was announced in the Budget? – MUDRA Bank
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2) How much allocation has been made for the proposed MUDRA Bank, which has been proposed for giving boost to micro and SME sectors? – Rs. 20,000 crore
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3) Which regulator is proposed to be merged with the SEBI as announced in this budget? – Forward Markets Commission – FMC (FMC is the regulator of the commodities market in India)
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4) The service tax has been hiked from present 12.36% to – 14%
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5) 100% tax deduction has been allowed for contribution to which two important central govt. schemes in this budget? – Swachh Bharat Fund and Namami Gange Fund
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6) Which tax has been abolished with a cess in this budget? – Wealth Tax (It has been replaced with a 2% cess on super rich individuals. The super rich individuals are those with an annual income of over Rs. 1 crore)
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7) The establishment of a new film production centre (Centre for Film Production and Animation) in which Northeastern state has been proposed in the budget? – Arunachal Pradesh
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8) What is the name of the new scheme to empower and enable minority youths, announcement for which was made in the budget? – “Nayi Manzil” (This scheme was announced to enable minority youth to obtain school leaving certificate and gain better employment)
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9) The corporate tax will be reduced from present 30% to 25% as announced in the Budget. This reduction, however, will be done across how many years? – 4 years
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10) What is the name of the new insurance scheme announced in the Budget under which insurance coverage of Rs. 2 lakh will be provided with a daily premium of Re.1? –“Pradhan Mantri Jeevan Jyoti Bima Yojana”
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11) How much additional allocation for MGNREGA was announced in the Budget, which had made this year’s MNREGA allocation the highest ever? – Rs. 5,000 crore(Total allocation stands at Rs. 34,699 crore)
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12) The Budget proposed what status to the non-banking financial companies (NBFCs) registered with RBI with corpus above Rs. 5,000 crore? – Financial Institutions
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13) Establishment of how many Ultra Mega Power Plants (UMPPs) with capacity of 4,000 MW each has been proposed in the Budget? – Five (Total investment of Rs. 1 lakh crore has been proposed for establishment of these 5 UMPPs)
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14) How many years deferment for General Anti-Avoidance Rules (GAAR) was announced in the Budget? – 2 years (GAAR is a general set of rules enacted to limit tax avoidance. It was proposed to be effective from April 2015. But with this announcement it has now been deferred to April 2017)
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15) What is level of fiscal deficit for 2015-16 as proposed in the budget? – 3.9% of GDP

1) On which date Union Budget 2015-16 was presented in Parliament? - 28 February 2015

2) Name the Union Finance Minister who presented the Union Budget 2015-16 in Parliament? - Arun Jaitley

3) Personal Income Tax limit was not changed in Union Budget 2015-16. What is the present Personal I-T exemption limit? - Rs 2.5 lakh

4) Health Insurance Premium deduction hiked from Rs. 15,000 to? - Rs. 25,000 (for senior citizens to Rs. 30,000)

5) Transport allowance exemption hiked to Rs. 1,600, from ____ per month? - Rs. 800

6) PAN card is must for all purchase above ____ rupees as proposed in Budget 2015-16? - Rs. 1 lakh

7) An additional ___% surcharge on people earning over Rs. 1 cr was put forth in the budget 2015-16? - 2%

8) Wht change was made in the Wealth tax? - Wealth tax abolished

9) DTC was dropped in the Budget 2015-16. Expand DTC? - Direct Taxes Code

10) Corporate tax to be reduced from 30% to ___ over next four years? - 25%

11) Mudra banks to be established with capital of Rs.___ crore? - 20000

12) Rs. ____ deduction for contribution to New Pension Scheme? - Rs. 50,000

13) GAAR implementation deferred by 2 years to? - April 2017

14) Service Tax rate hiked to ___% from 12.36%? - 14%

15) Tax free bonds were proposed in budget for? - Roads, railways, irrigation projects

1.
In the Union Budget 2015-16, rate of Service Tax was hiked from 12.36% to ____.
(1) 13%
(2) 14%
(3) 15%
(4) 14.5%
(5) None of these

2. In the Union Budget 2015-16, Fiscal deficit seen at how much per cent of GDP in 2015/16?
(1) 3.9 %
(2) 4.1 %
(3) 4.5%
(4) 5%
(5) None of these

3. How much amount has been allocated to the RuralInfrastructure Development Bank in the Union Budget 2015-16?
(1) Rs. 5,300 crore
(2) Rs.35,700 crore
(3) Rs. 25,00 crore
(4) Rs. 70,000 crore
(5) Rs. 46,200 crore

4. According to the Union Budget 2015-16, two new IIM will be opened in which of the following states?
(1) Jammu & Kashmir and Punjab
(2) Andhra Pradesh and Himachal Pradesh
(3) Assam and Andhra Pradesh
(4) Jammu & Kashmir and Andhra Pradesh
(5) None of these

5. According to the Union Budget 2015-16, Non-Banking Financial Companies (NBFCs) registered with Reserve Bank of India (RBI) above _______ will be now considered as financial institutions?
(1) Rs. 10,000 crore
(2) Rs. 5,000 crore
(3) Rs. 2000 crore
(4) Rs. 1000 crore
(5) Rs. 500 crore
6. How much amount has been allocated for RuralEmployment Guarantee Scheme in the Union Budget 2015-16? (1) 448.70 billion rupees
(2) 552.12 billion rupees
(3) 346.99 billion rupees
(4) 213.57 billion rupees
(5) 129.99 billion rupees

7. How much amount has been allocated to Defence sector in the Union Budget 2015-16?
(1) Rs. 2,46,726 crore
(2) Rs. 4,35,627 crore
(3) Rs. 3,25,925 crore
(4) Rs. 5,16,636 crore
(5) None of these

8. According to the Union Budget, how much per cent of Revenue Deficit to be seen in 2015-16?
(1) 3.1%
(2) 2.8%
(3) 2.75%
(4) 1.3%
(5) None of these

9. According to the Union Budget 2015-16, how much per cent, rate of corporate tax will be reduced over next four years?
(1) 35%
(2) 30%
(3) 25%
(4) 20%
(5) 15%

10. According to the Union Budget 2015-16, now details of PAN has to mentioned compulsory for transactions for more than _____.
(1) Rs. 1 lakh
(2) Rs. 2 lakh
(3) Rs. 50,000
(4) Rs. 60,000
(5) None of these

11. In the Union Budget 2015-16, increase in the limit of health insurance premium from current Rs 15,000 to ____.
(1) Rs. 20,000
(2) Rs. 25,000
(3) Rs. 35,000
(4) Rs. 30,000
(5) Rs. 18,000

12. How much amount has been allocated for micro-irrigation watershed projects in the Union Budget 2015-16?
(1) Rs. 4,500 Crore
(2) Rs. 3,300 Crore
(3) Rs. 5,300 Crore
(4) Rs. 6,200 Crore
(5) Rs. 2,700 Crore
13. How much amount has been allocated to Infrastructure sector in the Union Budget 2015-16?
(1) Rs. 1 Lakh crore
(2) Rs. 80,000 crore
(3) Rs 50,000 crore
(4) Rs. 70,000 crore
(5) None of these

14. According to the Union Budget 2015-16, Visa on arrival for how many countries?
(1) 100
(2) 150
(3) 200
(4) 50
(5) 75

15. According to the Union Budget 2015-16, Centre of film production, animation and gaming to come up in _____.
(1) Maharashtra
(2) Uttar Pradesh
(3) Kerala
(4) Arunachal Pradesh
(5) New Delhi

Answers: 1 (2) 2 (1) 3 (3) 4 (4) 5 (2) 6 (3) 7 (1) 8 (2) 9 (3) 10 (1) 11 (2) 12 (3) 13 (4) 14 (2) 15 (4)

Q.1 In General Budget 2015-16 how much % additional surcharge on super rich is provisioned ?
A. 2%
B. 1%
C. 1.5%
D. None of above
Answer: A
Q.2 What is new rate of Service tax in General Budget 2015-16 ?
A. 2%
B. 14%
C. 12.5%
D. 12%
Answer:B
Q.3 What target is set Farmers credit to bank in General Budget 2015-16 ?
A. 1 Lakh Crore
B. 25000 Crore
C. 8.5 lakh crore
D. 5 Lakh Crore
Answer: C
Q.4 Govt. proposes to set up 5 ultra mega power projects in General Budget 2015-16 with what capacity ?
A. 1000 MW
B. 5000 MW
C. 3000 MW
D. 4000 MW
Answer: D
Q.5 Which state did not get AIIMS in General Budget 2015-16?
A. Jammu and Kashmir
B. Punjab
C. Himachal Pradesh
D. Uttrakhand
Answer: D
Q.6 Which city will get PG institute of Horticulture as per General Budget 2015-16 ?
A. Amritsar
B. Udaipur
C. Jalandhar
D. Jodhpur
Answer: A
Q.7 General Budget 2015-16 proposes University of Disability Studies in which state ?
A. Karnataka
B. Rajasthan
C. Kerala
D. Tamilnadu
Answer: C
Q.8 General Budget 2015-16 proposes Centre of film production, animation and gaming in which state ?
A. Assam
B. Arunachal Pradesh
C. Himachal Pradesh
D. Rajasthan
Answer:B
Q.9 The allocation in Budget 2015-16 for defence is ?
A. Rs. 2,46,726 crore
B. Rs. 2,86,726 crore
C. Rs. 2,36,726 crore
D. Rs. 2,06,726 crore
Answer: A
Q.10 Forward Markets Commission (FMC) to be merged with which organization ?
A. BSE
B. RBI
C. SEBI
D. SBI
Answer: C
Q.11 GAAR to apply from April 1, 2017 as per Budget 2015-16. GAAR Stands for ?
A. Govt. Anti-Avoidance Rules
B. General Anti-Avoidance Rules
C. General Arm Avoidance Rules
D. None of above
Answer: B
Q.12 Amrut Mahotsav, the 75th year of Independence which be held in year ?
A. 2020
B. 2022
C. 2021
D. 2047
Answer: B
Q.13 Estimated GDP Growth for 2014-15 is ?
A. 8%
B. 8.5%
C. 7.4%
D. 6%
Answer: C
Q.14 Total expenditure for 2015-16 is estimated at ?
A. Rs 13,12,200 crores.
B. Rs 4,65,277 crores
C. Rs 17,77,477 Crore
D. Rs 2,46,726 crore
Answer: C
Q.15 Planned expenditure for 2015-16 is estimated at ?
A. Rs 13,12,200 crores.
B. Rs 4,65,277 crores
C. Rs 17,77,477 Crore
D. Rs 2,46,726 crore
Answer: B
Q.16 Unplanned expenditure for 2015-16 is estimated at ?
A. Rs 13,12,200 crores.
B. Rs 4,65,277 crores
C. Rs 17,77,477 Crore
D. Rs 2,46,726 crore
Answer: A
Q.17 Fund Allocation for Education in Budget 2015-16 is ?
A. Rs. 79526 Crore
B. Rs. 25500 Crore
C. Rs. 68968 Crore
D. Rs. 85000 Crore
Answer: C
Q.18 Fund Allocation for Rural Development in Budget 2015-16 is ?
A. Rs. 79526 Crore
B. Rs. 25500 Crore
C. Rs. 68968 Crore
D. Rs. 85000 Crore
Answer: A
Q.19 Fund Allocation for Welfare schemes for SCs in Budget 2015-16 is ?
A. Rs. 79526 Crore
B. Rs. 19980 Crore
C. Rs. 30851 Crore
D. Rs. 79258 Crore
Answer: B
Q.20 Fund Allocation for Welfare schemes for STs in Budget 2015-16 is ?
A. Rs. 79526 Crore
B. Rs. 19980 Crore
C. Rs. 30851 Crore
D. Rs. 79258 Crore
Answer: C
Q.21 Fund Allocation for Welfare schemes for WOMEN in Budget 2015-16 is ?
A. Rs. 79526 Crore
B. Rs. 19980 Crore
C. Rs. 30851 Crore
D. Rs. 79258 Crore
Answer: D
Q.22 Fiscal deficit for 2015-16 seen at ----- as per Budget 2015-16 ?
A. 3.9%
B. 4.1%
C. 3.1%
D. 3.5%
Answer: A
Q.23 Total stake sale target for 2015-16 in Budget 2015-16 is ?
A. 550 billion rupees
B. 313 billion rupees
C. 695 billion rupees
D. 800 billion rupees
Answer: C
Q.24 General Budget 2015-16 plan to raise visa-on-arrival facility from 43 to ------- countries ?
A. 100
B. 150
C. 50
D. 80
Answer: B
Q.25 General Budget 2015-16 hike transport Allowance (TA) from Rs. 800 to Rs.......... per month ?
A. Rs. 1000
B. Rs. 2600
C. Rs. 1600
D. Rs. 2000
Answer: C