Budget 2015-16 Questions for Exams: Part 2

Read Part 1: Click Here

16) As per Budget 2015-16 proposal, GST (Goods and Services Tax) to be put in place by? - April 1, 2016

17) ____% deduction for contribution to Swachh Bharat, Clean Ganga projects were announced in Budget 2015? - 100%

18) Which tax was abolished in Budget 2015? - Wealth Tax

19) Additional ____ % surcharge for the super rich with income of over Rs. 1 crore were announced in Budget 2015? - 2%

20) Tax slabs were not changed in Union Budget 2015-16. True or False? - True

21) Service tax was increased to  ____ per cent in Budget 2015-16? - 14%

22) Rs. _____ crore were announced in Budget 2015 for Rural Infrastructure Development Bank? - 25,000

23) ______ Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations? - Atal Innovation Mission

24) AIIMS were announced in which states in Budget 2015-16? - Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

25) Which is the only state to get IIT as per Budget proposal 2015-16? - Karnataka

26) Indian School of Mines in which place is proposed to be upgraded to IIT? - Dhanbad

27) PG institute of Horticulture was announced in which city? - Amritsar

28) University of Disability Studies was announced for which state? - Kerala

29) Centre of film production, animation and gaming to come up in ? - Arunachal Pradesh

30) IIM were announced in which state? - Jammu and Kashmir and Andhra Pradesh

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Quiz Questions on Budget 2015-16: Part 1

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
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Highlights of Union Budget 2015-16: PDF Download

Friends..As you all know, Union Finance Minister Arun Jaitley today (28 February 2015) presented the Union Budget 2015-16 in Parliament. Questions related to this budget will surely be asked in upcoming competitive Exams and mainly in Bank Exams. So in this post, we are sharing with you the highlights of the Union Budget 2015-16.

Download as PDF: Click Here

--> No change in personal Income Tax * Health Insurance Premium deduction hiked from Rs. 15,000 to Rs. 25,000; for senior citizens to Rs. 30,000

--> Transport allowance exemption hiked to Rs. 1,600, from Rs. 800 per month

--> Additional 2% surcharge on people earning over Rs. 1 cr; to fetch Rs. 9,000 cr

--> Wealth tax abolished

--> Direct Taxes Code (DTC) dropped

--> Rs. 50,000 deduction for contribution to New Pension Scheme

--> To lower Corporate Tax to 25% over next four years

--> GAAR implementation deferred by 2 years to April 2017

--> Service Tax rate hiked to 14%, from 12.36%

--> Tax free bonds for roads, railways, irrigation projects

--> 2015—16 growth between 8—8.5%, double digit growth feasible

--> Retail inflation close to 5% by March, room for monetary policy easing

--> To achieve fiscal deficit of 3% of GDP by 2017—18

--> Fiscal Deficit target 3.9% in 2015—16, 3.5% in 2016—17

--> Revenue Deficit to be 2.8% in 2015—16

--> Current Account Deficit for 2014—15 to be below 1.3% of GDP

--> To introduce comprehensive law to deal with black money

--> Benami property transaction bill to tackle black money transaction in real estate soon

--> 100% deduction for contribution to Swachh Bharat, Clean Ganga projects

--> GST to be put in place by April 1, 2016

--> Internationally competitive direct tax regime to be put in place to incentivise saving

--> Incentivise use of credit, debit cards; disincentivise cash transaction to curb black money.

Here are sector-wise highlights:

TAXATION

* Abolition of Wealth Tax.

* Additional 2% surcharge for the super rich with income of over Rs. 1 crore.

* Rate of corporate tax to be reduced to 25% over next four years.

* No change in tax slabs.

* Total exemption of up to Rs. 4,44,200 can be achieved.

* 100% exemption for contribution to Swachch Bharat, apart from CSR.

* Service tax increased to14 per cent.

AGRICULTURE

* Rs. 25,000 crore for Rural Infrastructure Development Bank.

* Rs. 5,300 crore to support Micro Irrigation Programme.

* Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE

* Rs. 70,000 crores to Infrastructure sector.

* Tax-free bonds for projects in rail road and irrigation

* PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.

* Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.

* Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION

* AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

* IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.

* PG institute of Horticulture in Amritsar.

* Kerala to have University of Disability Studies

* Centre of film production, animation and gaming to come up in Arunachal Pradesh.

* IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE

* Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.

* Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES

* GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.

* Six crore toilets across the country under the Swachh Bharat Abhiyan.

* MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.

* Housing for all by 2020.

* Upgradation 80,000 secondary schools.

* DBT will be further be expanded from 1 crore to 10.3 crore.

* For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.

* New scheme for physical aids and assisted living devices for people aged over 80 .

* Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.

* Rs. 5,000 crore additional allocation for MGNREGA.

* Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY

* Rs. 75 crore for electric cars production.

* Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro.

TOURISM

* Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.

* Visa on Arrival for 150 countries.

FINANCIAL SECTOR

* Forward Markets Commission to be merged with the Securities and Exchange Board of India.

* NBFCs registered with the RBI and having asset size of Rs 500 crore and above to be considered as ‘financial institution’ under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses

* Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”

Courtesy in preparing this article: The Hindu

Official Budget Speech: English and Hindi

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Union Budget 2014-15 MCQ Questions for Bank Exams: Part 3

Friends..Here is the Part 3 of the series.

41)  Govt provides ..... crore for rehabilitation of displaced Kashmiri migrants as announced in Union Budget 2014-15?

Ans. Rs 500

42) How much fund has been provided for “Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation?

Ans. 1000 crore

43) Agriculture University announced in Budget will be set up at?

Ans. Andhra Pradesh & Rajasthan

44) Crisis Management Center for women will be open at?

Ans. Delhi

45) What is the targeted fiscal deficit for 2016 (year 2015-16) as announced in the Union Budget 2014-15?

Ans. 3.6% of GDP

46) How much fund was set aside for the proposed National Rural Internet and Technology Mission (NRITM)?

Ans. Rs. 500 crore

47) What special feature has been proposed for currency notes in the Union Budget 2014-15?

Ans. Currency notes will henceforth integrate Braille-features to benefit the visually-disabled people.

48) The National Industrial Corridor (NIC) that was proposed to be established in the Union Budget of 2014-15 will be at?

Ans. Pune

49) Plan expenditure pegged at ..... lakh crore?

Ans. Rs 5.75

50) Non-plan expenditure pegged at ...... crore?

Ans. Rs 12.19 lakh

Click here to read Part 1
Click here to read Part 2

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Quiz Questions on Union Budget 2014-15 for Exams: Part 2

Friends.. Here is the Part 2 Questions of the series.

21) Kisan Vikas Patra was reintroduced in Union Budget 2014. What is Kisan Vikas Patra?

Ans. Kisan Vikas Patra is a saving scheme that was announced by the Government of India that doubles the money invested in eight years and seven months. The Directorate of Small Savings Government of India, sells these saving bonds through all Post Offices in the country so that the scheme can be accessed by citizens from all over the country. A KVP can be encashed after two and a half years from the date of issue at the value it has been bought and the interest accrued for the period.

22) Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to .........?

Ans. Rs 15,000

23) Minimum pension increased to ...... per month in Budget 2014?

Ans. Rs 1,000

24) How many new IIMs have been announced in Union Budget 2014?

Ans. 5

Note: In HP, Punjab, Bihar, Odisha and Rajasthan

25) How many new IITs have been announced in Union Budget 2014?

Ans. 5

Note: To come up in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.

26) How many new AIIMs have been announced in Union Budget 2014?

Ans. 4

Note: To come up in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in Uttar Pradesh.

27) Govt proposed to launch which programme to ensure broad band connectivity at village level as announced in Union Budget 2014?

Ans. 'Digital India’

28) Name the TV channel announced for farmers in Union Budget 2014-15?

Ans. KISAN TV

29) Name the TV channel announced for North East in Union Budget 2014-15?

Ans. Arun Prabha TV

30) Name the project on the river Ganga for inland waterways between Allahabad and Haldia announced in Union Budget 2014-15?

Ans. Jal Marg Vikas

Note: Rs 4,200 crore set aside for the purpose.

31) EPFO to launch which Service for contributing members?

Ans. Uniform Account Number

32) Name the new programme announced to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores?

Ans. Neeranchal

33) Name the scheme announced in Budget to generate awareness and help in improving the efficiency of delivery of welfare services meant for women?

Ans. Beti Bachao, Beti Padhao Yojana

34) Two National Institutes of Ageing announced to be set up in Union Budget will be at?

Ans. AIIMS, New Delhi and Madras Medical College, Chennai.

35) How much fund has been allotted to support about 600 new and existing Community Radio Stations?

Ans. Rs 100 crore

36) Swachh Bharat Abhiyan to cover every household with sanitation facility by the year?

Ans. 2019

37) Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called?

Ans. Namami Gange

38) Fund allocated for increasing safety of women in large cities?

Ans.  Rs 150 crore

39) Amount allotted for the project of developing 100 Smart Cities?

Ans. Rs. 7,060 crore

40) Fund set aside for PSU banks capitalisation?

Ans. Rs 11,200 crore

Click here to read Part 1
Click here to read Part 3

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Union Budget 2014-15 related Questions and Answers for SBI Clerk & other exams- Part 1

1) Union Budget of India is referred to as the Annual Financial Statement in which article of the Constitution of India?

Ans. Article 112

2) On which day Union budget is presented in Lok Sabha normally?

Ans. Last working day of February by the Finance Minister of India

3) When will the Budget come to effect every financial year?

Ans. April 1

4) What does 'Vote on Account' deals with?

Ans. Expenditure side of the government's budget

5) Which Finance Minister presented the budget ten times, the most by any in Parliament?

Ans. Morarji Desai

6) Name the Finance Minister of India who has presented the Union Budget 2014 in Parliament on 10 July 2014?

Ans. Arun Jaitley

7) Who has presented the first Union budget of independent India on November 26, 1947?

Ans.  R. K. Shanmukham Chetty

8) On February 29 in 1964 and 1968 who became the only finance minister to present the Union budget on his birthday?

Ans. Moraji Desai

9) Who were the three Prime Ministers who presented the Budget in Parliament as they were holding the Finance Ministry portfolio?

Ans. Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi

10) Until the year 2000, at which time Union Budget was presented in Lok Sabha?

Ans. 5.00 PM

Note: This practice was inherited from the Colonial Era, when the British Parliament would pass the budget in the noon followed by India in the evening of the day.

11) From 2001 Union Budget was announced at 11 am. Who presented first budget at 11 am in 2001?

Ans. Yashwant Sinha

12) In Union budget 2014 FDI cap in Defense and Insurance sector has been increased to ......... % from 26%?

Ans. 49%

13) The tax exemption limit has been increased to ........ lakhs from existing 2 lakhs in Budget 2014?

Ans. 2.5 lakhs

14) Income tax exemption limit for senior citizens has been raised to ...... in Budget 2014?

Ans. 3 lakhs

15) Investment limit under Section 80C has also been increased to ....... from existing 1 lakhs in Budget 2014?

Ans. 1.5 lakhs

16) Housing loan interest rate deduction limit has been increased to?

Ans. 2 lakhs

17) Finance Minsiter has put forth aim to achieve ....... per cent economic growth rate in next 3-4 years?

Ans. 7-8 %

18) Which scheme will be introduced at 9 airports in the country as announced in Budget 2014?

Ans. E-visa

19) Govt proposed to set up how many smart cities in Union Budget 2014?

Ans. 100

20) Total sanitation in India is expected by which year as announced in Budget 2014?

Ans. 2019

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New Schemes announced in Union Budget 2014: PDF Download

Friends...Here is the list of new schemes announced in the Union Budget 2014 presented by Finance Minister Arun Jaitley in Lok Sabha on 10 July 2014. We have prepared this on the prespective of competitive Examination. This will be helpful. You can download this article as PDF by clicking the print friendly button below.

1) Deendayal Upadhyaya Gram Jyoti Yojana

2) Shyama Prasad Mukherji Rurban Mission

3) Soil Health Card Scheme for Every Farmer

4) Swatchh Bharat Abhiyan

5) Pradhan Mantri Krishi Sinchayee Yojana

6) A Dedicated TV Channel ‘Kisan TV’ to be Launched for Farmers

7) Multi Skill Programme – Skill India

8) Kisan Vikas Patra (KVP) Re-Introduced

9)  Integrated Ganga Conservation Mission ‘Namami Gange’

10) Beti Bachao, Beti Padhao Yojana Launched

11) Digital India Programme

12) Housing for All by 2022

 Details of each scheme is given below

1) Deendayal Upadhyaya Gram Jyoti Yojana

“Deendayal Upadhyaya Gram Jyoti Yojana” for feeder separation will be launched to augment power supply to the rural areas and for strengthening sub-transmission and distribution systems. Its long term aim is to provide 24×7 uninterrupted power supply to all homes. A sum of Rs. 500 crores has been set aside for this scheme.

2) Shyama Prasad Mukherji Rurban Mission

Shyama Prasad Mukherji Rurban Mission will be launched to deliver integrated project based infrastructure in the rural areas. The scheme will also include development of economic activities and skill development. The preferred mode of delivery would be through PPPs while using various scheme funds. It is based on the example of Gujarat that has demonstrated successfully the Rurban development model of urbanization of the rural areas, through which people living in the rural areas can get efficient civic infrastructure and associate services.

3) Soil Health Card Scheme for Every Farmer

The deteriorating soil health has been a cause of concern and leads to sub optimal utilization of farming resources.  The Government will initiate a scheme to provide to every farmer a soil health card in a mission mode. A sum of Rs 100 core for this purpose has been kept aside by the government. An additional Rs 56 crores have been allocated to set up 100 mobile soil testing laboratories across the county. There have also been growing concerns about the imbalance in the utilization of different types of fertilizers resulting in deterioration of the soil.

4) Swatchh Bharat Abhiyan

The Government intends to cover every household by total sanitation by the year 2019, the 150th year of the Birth Anniversary of Mahatma Gandhi.

5) Pradhan Mantri Krishi Sinchayee Yojana

The Government has proposed to initiate the scheme “Pradhan Mantri Krishi Sinchayee Yojana”. It is proposed to meet the need to provide assured irrigation to mitigate risk to the farmer since bulk of the farm lands are rainfed and depend on monsoon. This scheme would facilitate access to irrigation. A sum of Rs.1,000 crores is being set aside for this scheme.

Prepared by: www.currentaffairs4examz.com

6) A Dedicated TV Channel ‘Kisan TV’ to be Launched for Farmers

 Kisan TV, dedicated to the interests of the agriculture and allied sector will be launched in the current financial year. This will disseminate real time information to the farmers regarding new farming techniques, water conservation, organic and farming etc.

7) Multi Skill Programme – Skill India

The Government has announced the launch of a national Multi-Skill programme called Skill India. This programme would skill the youth with an emphasis on employability and entrepreneur skills. It will also provide training and support for traditional professions like welders, carpenters, cobblers, masons, blacksmiths and weavers etc. Convergence of various schemes to attain this objective is also proposed.

8) Kisan Vikas Patra (KVP) Re-Introduced

Kisan Vikas Patra (KVP) is being re-introduced to encourage people, who may have banked and unbanked savings to invest in this instrument. Kisan Vikas Patra is a saving scheme that doubles the money invested in eight years and seven months. The Directorate of Small Savings Government of India, sells these saving bonds through all Post Offices in the country so that the scheme can be accessed by citizens from all over the country. A KVP can be encashed after two and a half years from the date of issue at the value it has been bought and the interest accrued for the period.

9) Integrated Ganga Conservation Mission ‘Namami Gange’

The Government has proposed to set up an Integrated Ganga Conservation Mission called (Namami Gange). An amount of Rs. 2037 crore has been set aside for the Mission in the current Budget. The Mission is being launched because a substantial amount of money has been spent in the conservation and improvement of the river Ganga but the efforts have not yielded desired results because of the lack of concerted effort by all the stakeholders. To harness the enthusiasm of the NRI Community to contribute towards the conservation of the river Ganga, an NRI Fund for Ganga will be set up which will finance special projects.

10) Beti Bachao, Beti Padhao Yojana Launched

Government has introduced a new scheme called Beti Bachao, Beti Padhao, which will help in generating awareness and improving the efficiency of delivery of welfare services meant for women with an initial corpus of Rs 100 crore. The  government would focus on campaigns to sensitize people of this country towards the concerns of the girl child and women. The process of sensitization must begin early and therefore the school curriculum must have a separate chapter on gender mainstreaming.

11) Digital India Programme

Centre has proposed to launch a pan India Programme called “Digital India” to further bridge the divide between digital “haves” and “have-nots”. This would ensure Broad band connectivity at village level, improved access to services through IT enabled platforms, greater transparency in Government processes and increased indigenous production of IT hardware and software for exports and improved domestic availability. Special focus would be given on supporting software product startups. The  Government has also proposed to set-up A National Rural Internet and Technology Mission for services in villages and schools, training in IT skills and E-Kranti for government service delivery and governance scheme with an initial corpus of Rs. 500 crore. A programme for promoting “Good Governance” will also be launched and a sum of Rs.100 crore will be set aside for this.

12) Housing for All by 2022

Government has proposed to set up a Mission on Low Cost Affordable Housing to be anchored in the National Housing Bank. A  sum of Rs 4,000 crore has been earmarked for National Housing Bank with a view to increase the flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment. The Government has already outlined some other incentives such as easier flow of FDI in this sector and is willing to examine other positive suggestions. The government has included slum development in the list of Corporate Social Responsibility (CSR) activities to encourage the private sector to contribute more towards this activity.

Also read highlights of union budget 2014 from here. 

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