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)

Heads of Important Offices in India

Mr. Narendra Modi : Chairman, National Institution for Transforming India (Niti Aayog)
Mrs. Sumitra Mahajan : Speaker, Lok Sabha.
Mohammad Hamid Ansari : Chairman, Rajya Sabha.
Mr. P. J. Kurien : Deputy Chairman, Rajya Sabha.
Mr. Arun Jaitley : Leader of House (Rajya Sabha).
Mr. Ghulam Nabi Azad : Leader of Opposition (Rajya Sabha).
Mr. Arvind Panagariya : Vice-Chairman, National Institution for Transforming India (Niti Aayog)
Mr. Harishankar Brahma : Chief Election Commissioner.
Syed Nasim Zaidi : Election Commissioner.
Mr. Shashi Kant Sharma : Comptroller and Auditor-General of India.
Mr. Justice K. G. Balakrishnan : Chairperson, National Human Right Commission (NHRC)
Mr. Ajit Kumar Seth : Cabinet Secretary.
Mr. Nripendra Misra : Principal Secretary to Prime Minister.
Justice V. Eshwaraiah : Chairman, National Commission for Backward Classes.
Ms. Shanta Sinha : Chairperson, National Commission for Protection of Child Rights (NCPCR)
Dr. P. L. Punia : Chairman, National Commission for Scheduled Castes
Dr.Rameshwar Oraon : Chairman, National Commission for Scheduled Tribes (NCST).
Mr. Deepak Gupta : Chairman, Union Public Service Commission (UPSC).
Dr. M. S. Swaminathan : Chairman, National Commission on Farmers (NCF).
Mr. Ajit Kumar Doval : National Security Adviser and Special Adviser to PM (Internal Security).
Mr. Sharad Kumar : Director-General, National Investigation Agency (NIA)
Mr. A. K. Mital : Chairman, Railway Board.
Mr. Shumsher K. Sheriff : Secretary-General, Rajya Sabha
Mr. T. K. Viswanathan : Secretary-General, Lok Sabha.
Mr. Dineshwar Sharma : Director, Intelligence Bureau (IB).
Mr. Anil Kumar Sinha : Director, Central Bureau of Investigation (CBI).
Mr. Rajinder Khanna : Director, Research and Analysis Wing (RAW).
Mr. Jayanto Narayan Choudhury : Director-General, National Security Guard (NSG).
Mr. Prakash Mishra : Director-General, CRPF.
Mr. Devendra Kumar Pathak : Director-General, Border Security Force (BSF).
Mr. Arvind Ranjan : Director-General, Central Industrial Security Force (CISF).
Mr. P. K. Mehta : Director-General, Railway Protection Force. (RPF)
Mr. Parkash Mishra : Director-General, Indo-Tibetan Border Police (ITBP).
Mr. B. D. Sharma : Director-General, Sashastra Seema Bal.
Vice-Admiral Anurag G. Thapliyal : Director-General, Indian Coast Guard.
Lt. Gen. Avtar Singh : Director-General, Defence Intelligence Agency.
Prof. Ved Prakash : Chairman, UGC.
Dr. Avinash Chander : Scientific Adviser to Defence Minister and Secretary, Defence Research and Development Organisation. (DRDO)
Dr. R. Chidambaram : Principal Scientific Adviser to the Government.
Mr. A. S. Kiran Kumar : Chairman, Space Commission and ISRO.
Mr. Ratan Kumar Sinha : Chairman, Atomic Energy Commission and Secretary, Dept. of Atomic Energy.
Mr. Naseem Ahmad : Chairperson, National Commission for Minorities.
Mr. Amitava Bhattacharya : Chairman, Staff Selection Commission (SSC).
Dr. Vishwa Mohan Katoch : Director-General, Indian Council of Medical Research.
Mr. C. Chandramouli : Registrar-General of India and Census Commissioner.
Justice D. K. Jain : Chairman, Law Commission.
Dr. B. N. Suresh : President, Indian National Academy of Engineering (INAE).
Mr. Justice (Retd.) B. N. Kirpal : Chairman, National Forest Commission.
Mr. T. Nanda Kumar : Chairperson, National Dairy Development Board (NDDB).
Lt. General AT Parnaik : Director-General, Border Roads Organisation.
Dr. Raghuram Rajan : Governor, RBI.
Justice Mr. Chandramauli Kumar Prasad : Chairman, Press Council of India.
Mr. Ravindra Pisharody : Chairman, Audit Bureau of Circulations (ABC).
Mr. R. K. Tewari : Chairman, Central Board of Direct Taxes (CBDT).
Mrs. J.M. Shanti Sundharam : Chairman, Central Board of Excise and Customs.
Mr. Ashok Chawla : Competition Commission of India
Justice Syed Rafat Alam : Chairman, Central Administrative Tribunal
Mr. R.S.T. Sai : CMD, National Hydroelectric Power Corporation (NHPC).
Mr. R. S. Sharma : CMD, Oil and Natural Gas Corporation (ONGC).
Mr. B. C. Tripathi : CMD, GAIL.
Mr. S. Behuria : Chairman, IOC.
Mr. Sunil Kumar Srivastava : CMD, Oil India Ltd.
Dr. Satbir Bedi : Chairperson, Central Board of Secondary Education (CBSE).
Mr. U. K. Sinha : Chairman, Securities and Exchange Board of India (SEBI).
Dr. Harsh Kumar Bhanwala : Chairman, National Bank for Agriculture and Rural Development (NABARD).
Smt. Arundhati Bhattacharya : Chairman, SBI.
Mr. M. S. Raghavan : Chairman, IDBI.
Justice Dilip Raosaheb Deshmukh : Chairman, Company Law Board.
Mr. Hardeep Singh Puri : India's Permanent Representative to UN.
Mr. S. K. Roy : Chairman, Life Insurance Corporation of India (LIC)
Mr. Ashwin Pandya : Chairman, Central Water Commission.
Ms. Lalitha Kumarmangalam : Chairperson, National Commission for Women.
Dr. Y. V. Reddy: Chairman, 14th Finance Commission.
Dr. Pronob Sen : Chairman, National Statistical Commission.
Mr. Pahlaj Nihalani : Chairperson, Central Board of Film Certification (CBFC).
Dr. Rakesh Tewari : Director-General, Archaeological Survey of India (ASI).
Dr. Jyotsna Suri : President, Federation of Indian Chambers of Commerce and Industry (FICCI)
Dr. Rahul Khullar : Chairman, Telecom Regulatory Authority of India (TRAI). 
Dr. Rajan Katoch : Director, Enforcement Directorate.
Mr. R. V. Verma : Chairman, Pension Fund Regulatory and Development Authority (PFRDA).
Dr. Sekhar Basu : Director, Bhabha Atomic Research Centre.
Mr. N. Ramachandran : President, Indian Olympic Association.
Prof. B.K.Tripathi : Acting Director, National Council of Educational Research and Training (NCERT).
Mr. Ajay S. Shriram : President, Confederation of Indian Industry (CII). 
Dr. A. Surya Prakash : Chairman, Prasar Bharti Board.
Mr. Ratan Tata : Chairman, Investment Commission.
Mr. Jagmohan Dalmiya : Board of Control for Cricket in India (BCCI).
Mr. R. Chandrasekaran : Chairman, NASSCOM.
Mr. Ramesh Sippy : Chairman, National Film Development Corporation (NFDC).
Mr. Ravindra Kumar: Chairman, United News of India.
Mr. Mahendra Mohan Gupta : Chairman, PTI.
Mr. Kiran B. Vadodaria : President, Indian Newspaper Society (INS).
Mr. Rana Kapoor : President, The Associated Chambers of Commerce and Industry of India (ASSOCHAM). 

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.”