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October 17, 2015

Expected Questions from Union Budget 2015-16 : Set 5

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  • Service Tax rate hiked to ___% from 12.36% ? 
    • 14%
  • Tax free bonds were proposed in budget for ?  
    • Roads, railways, irrigation projects
  • On which date Union Budget 2015-16 was presented in Parliament ? 
    • 28th February 2015
  • Mudra banks to be established with capital of Rs.___ crore ? 
    • 20000
  • Rs. ____ deduction for contribution to New Pension Scheme ? 
    • Rs. 50,000
  • Name the Union Finance Minister who presented the Union Budget 2015-16 in Parliament ? 
    • Arun Jaitley
  • 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
  • Health Insurance Premium deduction hiked from Rs. 15,000 to ? 
    • Rs. 25,000 (for senior citizens to Rs. 30,000)
  • An additional ___% surcharge on people earning over Rs. 1 cr was put forth in the budget 2015-16 ? 
    • 2%
  • What change was made in the Wealth tax ? 
    • Wealth tax abolished
  • DTC was dropped in the Budget 2015-16. Expand DTC ? 
    • Direct Taxes Code
  • Corporate tax to be reduced from 30% to ___ over next four years ?
    • 25%
  • GAAR implementation deferred by 2 years to ? 
    • April 2017
  • Transport allowance exemption hiked to Rs.1,600, from ____ per month ?  
    • Rs. 800
  • PAN card is must for all purchase above ____ rupees as proposed in Budget 2015-16 ? 
    • Rs. 1 lakh
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