Thursday, March 5, 2015

Union Budget 2015-16 Practice Questions

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