Union budget - Banking awareness questions on current affairs
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1) Under which act, Yoga was included in the ambit of charitable purposes as announced in the Union Budget 2015-16?
- Published on 20 Jul 15
a. Income Tax Act
b. Fundamental Rights Act
c. Co-operative Societies Act
d. Emergency Provisions Act
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Answer
Explanation
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ANSWER: Income Tax Act
Explanation:
The government has decided to accord special status to Yoga by categorizing its promotion as a charitable activity. The institutions which, as part of genuine charitable activities, undertake activities like publishing books or holding programme on yoga or other programs as part of actual carrying out of the objects which are of charitable nature are being put to hardship due to first and second provision to section 2(15).
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2) What type of tax has been abolished with a CESS in this budget 2015-16?
- Published on 20 Jul 15
a. Entertainment Tax
b. Income Tax
c. Transaction Tax
d. Wealth Tax
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Answer
Explanation
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ANSWER: Wealth Tax
Explanation:
Wealth tax has been replaced with a 2% cess on super rich individuals. When tax is applied to a particular purpose, it is called CESS.
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3) From which year, the Goods and Service Tax will be rolled out in India?
- Published on 20 Jul 15
a. 2014
b. 2015
c. 2016
d. 2017
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Answer
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ANSWER: 2016
Explanation:
GST will put in place a state-of-the-art indirect tax system from next fiscal, aiming to create a single tax for goods and services across the country. In the Union Budget 2015-16 presented by the Finance Minister Arun Jaitley proposed to roll out the GST from next fiscal beginning April 2016.
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4) Under which scheme, Union Govt. proposed to set-up an IT based student financial aid system to ensure that no student misses out on higher education due to lack of fund?
- Published on 20 Jul 15
a. Pradhan Mantri Vidya Laxmi Scheme
b. Vidya Kanya Laxmi Scheme
c. Suknya Vidyadhan Yojana
d. Sukanya Vidya Laxmi Scheme
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5) How many AIIMS will be set up in order to cater the increasingly growing demands for more doctors across the country?
- Published on 20 Jul 15
a. 10
b. 8
c. 6
d. 2
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Answer
Explanation
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ANSWER: 6
Explanation:
In the fiscal year 2015-16, Union Govt. proposed to set up All India Institutes of Medical Sciences in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
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6) As announced in the Union Budget 2015-16, how many Indian Institute of Management (IIM) will set up?
- Published on 20 Jul 15
a. 5
b. 5
c. 1
d. 2
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ANSWER: 2
Explanation:
Indian Institute of Management (IIM) in Jammu & Kashmir & Andhra Pradesh is proposed to be set up.
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7) How many new ultra mega power projects (each of 4,000 MWs in the plug-and-play mode) were proposed by the Union Government in the Union Budget 2015-16?
- Published on 20 Jul 15
a. Two
b. Three
c. Four
d. Five
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Answer
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ANSWER: Five
Explanation:
The Union Government plans to build five new ultra mega power projects totalling 20,000 MW which will unlock investment of up to Rs.1 lakh crore.
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8) What amount of money is allocated in the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme in the Union Budget 2015-16?
- Published on 20 Jul 15
a. Rs. 5,000 crore
b. Rs. 1,000 Crore
c. Rs. 500 Crore
d. Rs. 2500 Crore
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ANSWER: Rs. 5,000 crore
Explanation:
Finance Minister Arun Jaitley increased its allocation to Rs 34,699 crore, the highest it has ever received.
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9) What is the new rate of Service Tax as per Budget 2015-16?
- Published on 20 Jul 15
a. 13%
b. 14%
c. 13.5%
d. 14.5%
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ANSWER: 14%
Explanation:
Finance Minister Arun Jaitley made a very crucial decision of increasing service tax from 12.36% to 14%.
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10) What percent of tax deduction has been allowed for contribution into Swachh Bharat Fund and Namami Gange Fund as announced in this budget 2015-16?
- Published on 20 Jul 15
a. 50%
b. 75%
c. 90%
d. 100%
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ANSWER: 100%
Explanation:
Swachh Bharat and Namami Gange are among the major initiatives of the Modi Government, which has embarked on a major drive to ensure cleanliness across the country.
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