Union Budget 2017 : Economic Reforms

Question 1: Which of the following statements is/are correct with respect to 'Direct Taxes' for the year 2015-16?

a) Direct Tax to GDP Ratio has been falling since financial year 2013-14.
b) Net collection of Direct Taxes has been increasing since financial year 2010-11.
c) Both a and b
d) Neither a nor b

Question 2 Which of the following statements is incorrect with respect to targets fixed for 'Fiscal and Revenue Deficit' in the economy?

a) Fiscal deficit target for the year 2017-18 has been fixed at 3.2% of GDP.
b) Revenue deficit target for the year 2017-18 has been fixed at 1.9% of GDP.
c) Fiscal deficit target for the year 2018-19 has been set at 3% of GDP.
d) None of the above.

Question 3 Which of the following measures has/have been taken to boost the rural demand and consumption in the economy?

a) Higher allocation of Rs 40,000 crore for rural housing and roads.
b) Cut in corporate tax to 25% for SMEs with turnover less than Rs 50 crore a year.
c) Both a and b.
d) Neither a nor b.

Question 4 With respect to tax imposed on income of the individuals, which of the following announcements has not been made under the Union Budget 2017?

a) Reduction in income tax rate to 5% for the tax slab of 2.5 lakh to 10 lakh.
b) A surcharge of 10% on the net taxable income between Rs 50 lakh to Rs 1 crore.
c) A levy of 10% tax on dividend income exceeding Rs 10 lakh with few exceptions.
d) All of the above statements are correct.

Question 5 To allow the banks to focus on 'value based banking', what limit has been set for cash-led transactions in the economy?

a) Rs 2 lakh.
b) Rs 3 lakh.
c) Rs 10 lakh.
d) Rs 5 lakh

Answers

1) c
2) d
3) c
4) a, Reduction in income tax rate to 5% for the tax slab of 2.5 lakh to 5 lakh.
5) b

For More Questions Click Here : Union Budget Part-1