Union Budget 2015 – Expected 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. What 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

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