Budget 2015-16 - Questions and answers - Part II
Q1. What is the new rate of Service Tax as per Budget 2015-16?A. 13%
B. 14%
C.13.5%
D.14.5%
View Answer / Hide AnswerANSWER: B.14%.
Finance Minister Arun Jaitley made a very crucial decision of increasing service tax from 12.36% to 14%.
A. Rs. 5,000 crore
B. Rs. 1,000 Crore
C. Rs. 500 Crore
D. Rs. 2500 Crore
View Answer / Hide AnswerANSWER: A. Rs. 5,000 Crore.
Finance Minister Arun Jaitley increased its allocation to ?34,699 crore, the highest it has ever received.
A. Two
B. Three
C. Four
D. Five
View Answer / Hide AnswerANSWER: D. Five.
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.
A. Andhra Pradesh
B. Karnataka
C. Kerala
D. Odisha
View Answer / Hide AnswerANSWER: B. Karnataka.
In Karnataka, a new IIT will be set up while ISM Dhanbad will be upgraded to an IIT.
A. 5
B. 7
C. 1
D. 2
View Answer / Hide AnswerANSWER: D. 2.
Indian Institute of Management (IIM) in Jammu & Kashmir & Andhra Pradesh is proposed to be set up.
A. 10
B. 8
C. 6
D. 2
View Answer / Hide AnswerANSWER: C. 6.
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.
A. Pradhan Mantri Vidya Laxmi Scheme
B. Vidya Kanya Laxmi Scheme
C. Suknya Vidyadhan Yojana
D. Sukanya Vidya Laxmi Scheme
View Answer / Hide AnswerANSWER: A. Pradhan Mantri Vidya Laxmi Scheme.
A.2014
B.2015
C.2016
D.2017
View Answer / Hide AnswerANSWER: C.2016
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.
A. 1 year
B. 2 year
C. 3 year
D. 4 year
View Answer / Hide AnswerANSWER: B. 2 year.
GAAR are framed to minimize tax avoidance, for example by siphoning off profits to tax havens. GAAR could be termed as a general set of rules enacted to limit tax avoidance. It was proposed by the Union Budget 2012-13. The finance bill 2012 introduced chapter X-A to the income Tax Act-1961. Tax avoidance rule GAAR was proposed to be effective from April 2015 for those claiming tax benefits of over Rs 3 crore but the present Finance Minister Arun Jaitley deferred the roll out of the GAAR by two years to April 1, 2017.
A. Entertainment Tax
B. Income Tax
C. Transaction Tax
D. Wealth Tax
View Answer / Hide AnswerANSWER: D. Wealth Tax.
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.
A. Income Tax Act
B. Fundamental Rights Act
C. Co-operative Societies Act
D. Emergency Provisions Act
View Answer / Hide AnswerANSWER: A. Income Tax Act.
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).
