Top 15 questions for budget 2015-16
1) What is the name of the proposed micro
and SME development finance unit that was announced in the Budget? – MUDRA
Bank
2) How much allocation has been made for
the proposed MUDRA Bank, which has been proposed for giving boost to micro and
SME sectors? – Rs. 20,000 crore
3) Which regulator is proposed to be merged
with the SEBI as announced in this budget? – Forward Markets
Commission – FMC (FMC is the regulator of the commodities market
in India)
4) The service tax has been hiked from
present 12.36% to – 14%
5) 100% tax deduction has been allowed for
contribution to which two important central govt. schemes in this budget? – Swachh
Bharat Fund and Namami Gange Fund
6) Which tax has been abolished with a cess
in this budget? – Wealth Tax (It has been replaced with
a 2% cess on super rich individuals. The super rich individuals are those with
an annual income of over Rs. 1 crore)
7) The establishment of a new film
production centre (Centre for Film Production and Animation) in which
Northeastern state has been proposed in the budget? – Arunachal
Pradesh
8) What is the name of the new scheme to
empower and enable minority youths, announcement for which was made in the
budget? – “Nayi Manzil” (This scheme was announced to
enable minority youth to obtain school leaving certificate and gain better
employment)
9) The corporate tax will be reduced from
present 30% to 25% as announced in the Budget. This reduction, however, will be
done across how many years? – 4 years
10) What is the name of the new insurance
scheme announced in the Budget under which insurance coverage of Rs. 2 lakh
will be provided with a daily premium of Re.1? –“Pradhan Mantri Jeevan
Jyoti Bima Yojana”
11) How much additional allocation for
MGNREGA was announced in the Budget, which had made this year’s MNREGA
allocation the highest ever? – Rs. 5,000 crore (Total
allocation stands at Rs. 34,699 crore)
12) The Budget proposed what status to the
non-banking financial companies (NBFCs) registered with RBI with corpus above
Rs. 5,000 crore? – Financial Institutions
13) Establishment of how many Ultra Mega
Power Plants (UMPPs) with capacity of 4,000 MW each has been proposed in the
Budget? – Five (Total investment of Rs. 1 lakh crore
has been proposed for establishment of these 5 UMPPs)
14) How many years deferment for General
Anti-Avoidance Rules (GAAR) was announced in the Budget? – 2 years (GAAR
is a general set of rules enacted to limit tax avoidance. It was proposed to be
effective from April 2015. But with this announcement it has now been deferred
to April 2017)
15) What is level of fiscal deficit for
2015-16 as proposed in the budget? – 3.9% of GDP
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