Expected Questions on Union Budget 2015-16
Hello Friends, Questions on Union Budget are frequently asked in various competitive exams these days. These questions are based on Highlights of Union Budget. Thus we have provided you key features of Union Budget 2015-16 (at the end of this post).
Firstly Download the PDF file (at the end of this post), then try to answer the following Questions on Union Budget 2015-16:
(Q.1) Consider the following provisions:
- Gold Monetisation scheme to be introduced
- Wealth Tax to be abolished
- General Anti Avoidance Rule (GAAR) to be deferred by two years
Which among the above provision/s were proposed under Union Budget 2015-16?
- Only 1
- 1 & 3
- 2 & 3
- 1, 2 & 3
(Q.2) As per provisions in Union Budget 2015-16, Service Tax has been increased from _____% to _____%
- 12.36% to 13%
- 12.36% to 14%
- 13% to 14%
- 12% to 13%
(Q.3) Which among the following items are likely to be costly post Union Budget 2015-16?
- Microwave ovens and refrigerators
- Tobacco products and cigarettes
- Restaurant bills
- Packed fruits and vegetables
- 1 & 2
- 1 & 3
- 2 & 3
- 1 & 4
(Q.4) As announced in Union Budget 2015-16, Government will make efforts to implement Goods & Services Tax from __________
- November 2015
- December 2015
- January 2016
- April 2016
(Q.5) Union Budget 2015-16 pledged a ‘top-up’ of Rs. ______ crore to Nirbhaya Fund
- 1000 crore
- 750 crore
- 500 crore
- 250 crore
(Q.6) As per Union Budget 2015-16 GDP growth for year 2015-16 is projected to be between ________
- 7.5 – 8%
- 8 – 8.5%
- 8.5 – 8.75%
(Q.7) Union Budget 2015-16 proposed setting up project Development Company to facilitate setting up manufacturing hubs in CMLV countries. Which countries are being referred to as CMLV?
- Canada, Maldives, Liberia, Venezuela
- Cambodia, Myanmar, Laos, Vietnam
- Canada, Maldives, Laos, Vietnam
- Cambodia, Myanmar, Liberia, Venezuela
(Q.8) Which two states will get ‘Special Financial Assistance’ similar to Andhra Pradesh?
- Bihar and West Bengal
- Bihar and Jharkhand
- Bihar and Chhattisgarh
- West Bengal and Chhattisgarh
(Q.9) Target of Renewable Energy capacity has been revised to 175000 MW, to be achieved till which year?
(Q.10) Which among the following provision is INCORRECT with regards to Union Budget 2015-16?
- An IIT to be set up in Karnataka and Indian School of Mines, Dhanbad to be upgraded in to a full-fledged IIT.
- New All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam. Another AIIMS like institutions to be set up in Bihar.
- 3 new National Institute of Pharmaceuticals Education and Research in Maharashtra, Rajasthan & Chattisgarh and one institute of Science and Education Research is to be set up in Nagaland & Orissa each.
- A post graduate institute of Horticulture Research & Education is to be set up in Ludhiana.
(Q.11) As per Union Budget 2015-16, Forward Markets Commission is to be merged with which entity?
(Q.12) Union Budget 2015-16 aims to contain fiscal deficit at _____% of GDP for 2015-163.
(Q.13) Visas on Arriva will be extended to visitors of how many countries?
- 100 countries
- 125 countries
- 150 countries
- 160 countries
(Q.14) Quoting Permanent Account Number (PAN) has been made mandatory for any purchase or sale exceeding Rs. ________
- Rs. 50000/-
- Rs. 100000/-
- Rs. 150000/-
- Rs. 200000/-
(Q.15) Under Union Budget 2015-16, it has been proposed to reduce Corporate taxes from 30% to 25% over how many years?
- Next 2 years
- Next 3 years
- Next 4 years
- Next 5 years
(Q.16) What provision has been mentioned in Union Budget 2015-16 for Non-filing/filing of returns with inadequate disclosures?
- Penalty of Rs. 25 lacs
- Penalty of Rs. 50 lacs
- Rigorous Imprisonment of 3 years
- Rigorous Imprisonment of 7 years
(Q.17) How many Ultra Mega Power Projects are to be set up by Govt. as per Union Budget 2015-16?
(Q.18) Union Budget proposed setting up of a committee for 100th Birth celebration of _____
- Bhagat Singh
- Sardar Vallabhbhai Patel
- Chandrashekhar Azad
- Deen Dayal Upadhyaya
(Q.19) Consider the following provisions:
- National Investment and Infrastructure Fund (NIIF) to be established
- An autonomous Bank Board Bureau to be set up to improve governance of PSU banks
- Develop an Indian Gold Coin with an image of Mahatma Gandhi
Which among the above provision/s were NOT proposed under Union Budget 2015-16
- 1 & 2
- 2 & 3
- Only 3
- Only 1
(Q.20) Which among the following items are likely to be cheaper, post Union Budget 2015-16?
- Music Concerts & Pageants
- Alcoholic Drinks
- Visit to amusement parks
- Visit to museums and zoos
- 1, 3 & 4
- 1 & 3
- Only 4
- 3 & 4
To download the PDF file of Highlights of Union Budget 2015-16, CLICK HERE