India Budget 2022 MCQs

 1- Who presented the Budget 2022 in the Parliament?

A. Narendra Modi
B. Nirmala Sithraman
C. Rajnath Singh
D. Amit Shah

Ans: B

Explanation: Finance Minister Nirmala Sitharaman presented the Budget 2022 on February 1 in Parliament. 

2- Tax imposed on imports and exports of goods when they are transported across the international borders is known as______. 

A. Sales Tax
B. Value Added Tax
C. Customs Duty
D. Trade Tax

Ans: C

Explanation: Customs Duty is the tax which is imposed on imports and exports of goods when they are transported across the international borders. 

3- When was India's first Budget introduced?

A. 7 April 1860
B. 1 February 1948
C. 26 November 1947
D. 12 October 1947

Ans: A

Explanation: India's first Budget was introduced on 7 April 1860 by Scottish economist and politician James Wilson to the British Crown. 

4- ______ is the discount granted by the Government of India to make essential items available at affordable rates to the general public. 

A. Tax Exemption
B. PM SVANidhi
C. Maximum Retail Price
D. Subsidy Bill

Ans: D

Explanation: The Government of India provides Subsidy Bill to its citizens to make essential items available at affordable rates. 

5- At which rate, the income tax is imposed in India?

A. Regressive
B. Digressive
C. Progressive
D. Proportional

Ans: B

Explanation: The income tax is imposed at the digressive rate in India which is a combination of progressive and proportional. In the case of the digressive rate, the tax is increased firstly with an increase in income and then the rate remains flat or constant with a further increase in income.

6- Who presented the first Union Budget of Independent India?

A. CD Deshmukh
B. RK Shanmukham Chetty
C. Moraji Desai
D. Jawaharlal Nehru

Ans: B

Explanation: RK Shanmukham Chetty presented Independent India's first Budget on 26 November 1947. 

7- Who holds the record for delivering the longest Budget speech in India?

A. Nirmala Sitharaman
B. Arun Jaitley
C. Indira Gandhi
D. Jawaharlal Nehru

Ans: A

Explanation: Nirmala Sitharaman holds the record for delivering the longest Budget speech in India. While presenting the Union Budget 2020-21, she spoke for 2 hours and 42 minutes, breaking her previous record of July 2019 speech (2 hours 17 minutes). 

8- Who holds the record for delivering the shortest Budget speech in India?

A. Dr. Manmohan Singh
B. Arun Jaitley
C. Hirubhai Mulljibhai Patel
D. Jaswant Singh

Ans: C

Explanation: The shortest Budget speech was delivered by former Finance Minister Hirubhai Mulljibhai Patel. Patel presented the Interim Budget in 1977 which was 800 words long.

9- The word "Budget" is derived from which French word that means a "Small Bag"?

A. Budgetto
B. Budgetale
C. Budgatte
D. Bougette

Ans: D

Explanation: The word Budget has been derived from the French word 'Bougette' which means 'small bag'.

10- Who was the first Prime Minister to present the Union Budget?

A. Indira Gandhi
B. Jawaharlal Nehru
C. Raji Gandhi
D. None of the above

Ans: B

Explanation: Former Prime Minister Jawaharlal Nehru was the first PM to present the Union Budget for the FY 1958-1959. Other than Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi were the only Prime Ministers to have presented the Budget during their respective administration. 

YOJANA - INDIA BUDGET ISSUE

  

Questionnaire on Union Budget

1. In the Union Budget, rate of Service Tax was hiked from 12% to ____ - 14%
2. In the Union Budget 2015-16, Fiscal deficit seen at how much per cent of GDP in 2015/16? - 3.9 %
3. How much amount has been allocated to the Rural Infrastructure Development Bank in the Union Budget 2015-16? - Rs. 25,000 crore
4. According to the Union Budget, two new IIM will be opened in which of the following states? -Jammu & Kashmir and Andhra Pradesh
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? - Rs. 5,000 crore
6. How much amount has been allocated for Rural Employment Guarantee Scheme in the Union Budget 2015-16? - 346.99 billion rupees
7. How much amount has been allocated to Defence sector in the Union Budget 2015-16? - Rs. 2,46,726 crore
8. According to the Union Budget, how much per cent of Revenue Deficit to be seen in 2015-16? - 2.8%
9. According to the Union Budget 2015-16, how much per cent, rate of corporate tax will be reduced over next four years? - 25%
10. According to the Union Budget 2015-16, now details of PAN has to mentioned compulsory for transactions for more than _____.- Rs. 1 lakh
11. In the Union Budget 2015-16, increase in the limit of health insurance premium from current Rs 15,000 to ____.Rs. 25,000
12. How much amount has been allocated for micro-irrigation watershed projects in the Union Budget 2015-16? - Rs. 5,300 Crore
13. How much amount has been allocated to Infrastructure sector in the Union Budget 2015-16? - Rs. 70,000 crore
14. According to the Union Budget 2015-16, Visa on arrival for how many countries? – 150
15. According to the Union Budget, Centre of film production, animation and gaming to come up in _____. AP
16. On which date Union Budget 2015-16 was presented in Parliament? - 28 February 2015
17. Name the Union Finance Minister who presented the Union Budget 2015-16 in Parliament? - Arun Jaitley
18. 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
19. Health Insurance Premium deduction hiked from Rs. 15,000 to?- Rs. 25,000 (for senior citizens to Rs. 30,000)
20. Transport allowance exemption hiked to Rs. 1,600, from ____ per month? - Rs.800
21. PAN card is must for all purchase above ______ rupees as proposed in Budget 2015-16? - Rs. 1 lakh
22. An additional _____% surcharge on people earning over Rs. 1 cr was put forth in the budget 2015-16? - 2%
23. What change was made in the Wealth tax? - Wealth tax abolished
24. DTC was dropped in the Budget 2015-16. Expand DTC? - Direct Taxes Code
25. Corporate tax to be reduced from 30% to ___ over next four years? - 25%
26. Mudra banks to be established with capital of Rs.___ crore?- 20000
27. Rs. ____ deduction for contribution to New Pension Scheme?- Rs. 50,000
28. GAAR implementation deferred by 2 years to? - April 2017
29. Service Tax rate hiked to ___% from 12.36%? - 14%
30. Tax free bonds were proposed in budget for? - Roads, railways, irrigation project

INDIA BUDGET 2015-16 PRACTICE QUESTIONS

7 Missions to Make AP Sunrise State

ANDHRA PRADESH BUDGET IN BRIEF 2015-16

UNION BUDGET 2015-16

ANDHRA PRADESH BUDGET SPEECH 2015-16 (TELUGU)

ANDHRA PRADESH BUDGET SPEECH 2015-16 (ENGLISH)

Union Budget 2015-16 Practice MCQs

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 Rural Infrastructure 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 Rural Employment 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)

Union Budget 2015-16 Highlights

Union Budget 2015-16 Highlights:
- Arun Jaitley leaves North Block with finance ministry officials for Lok sabha.
- Finance Minister Arun Jaitley begins General Budget 2015-16 speech in Loksabha.

 TAXATION
1. Abolition of Wealth Tax.
2. Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3. Rate of corporate tax to be reduced to 25% over next four years.
4. No change in tax slabs.
5. Total exemption of up to Rs. 4,44,200 can be achieved.
6. 100% exemption for contribution to Swachch Bharat, apart from CSR.
7. Service tax increased to14 percent.

AGRICULTURE
1. Rs. 25,000 crore for Rural Infrastructure Development Bank.
2. Rs. 5,300 crore to support Micro Irrigation Programme.
3. Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE
1. Rs. 70,000 crores to Infrastructure sector.
2. Tax-free bonds for projects in rail road and irrigation
3. PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
4. Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
5. Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION
1. AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2. IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.
3. PG institute of Horticulture in Amritsar.
4. Kerala to have University of Disability Studies
5. Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6. IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE
1. Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
2. Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES
1. GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.
2. Six crore toilets across the country under the Swachh Bharat Abhiyan.
3. MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
4. Housing for all by 2020.
5. Upgradation 80,000 secondary schools.
6. DBT will be further be expanded from 1 crore to 10.3 crore.
7. For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.
8. New scheme for physical aids and assisted living devices for people aged over 80 .
9. Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10. Rs. 5,000 crore additional allocation for MGNREGA.
11. Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY
1. Rs. 75 crore for electric cars production.
2. Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM
1. 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.
2. Visa on Arrival for 150 countries.

GOLD
1. Sovereign Gold Bond, as an alternative to purchasing metal gold.
2. New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.
3. To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.

FINANCIAL SECTOR
1. Forward Markets Commission to be merged with the Securities and Exchange Board of India
2. 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
3. Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”