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

Union Budget 2017 : Part-1

Question 1 For which of the following recommendations of the 'Economic Survey', specific provisions has/have been taken under the Union Budget 2017?

a) Establishing a 'bad bank'.
b) Implementing 'Universal Basic Income' scheme.
c) Both a and b
d) Neither a nor b

Question 2 With respect to instituting reforms in 'poll financing' or 'political funding', which of the following measures has not been proposed under the Union Budget 2017?

a) Limiting the anonymous or unnamed cash donations from a single person to Rs 2000/-.
b) An 'electoral bond scheme' to make donations to political parties.
c) Creation of a 'national electoral fund'.
d) Entitling political parties to receive donations by cheque or digital mode.

Question 3 Which of the following organisations has been proposed to abolish under the Union Budget 2017?

a) FIPB
b) BCCI
c) CERT-In
d) None of the above

Question 4 With respect to the health sector, which of the following announcements has/have been made under the Union Budget 2017?

a) Two new AIIMS to be established in Jharkhand and Gujarat.
b) Hiking taxes on tobacco products excluding beedis.
c) An action plan to eliminate Kala-azar, Filariasis, Leprosy, Measles and Tuberclosis.
d) All of the above.

Question 5 To strengthen the e-payment systems in the country, the centre has proposed a new regulatory board - the Payment Regulatory Board. Which of the following statements is/are correct in this respect?

a) The board will be set up under the control of SEBI.
b) The board is based on the recommendations of Dr. Ratan Watal Committee on Digital Payments.
c) Both a and b
d) Neither a nor b  

Answers

1) d
2) c
3) a
4) d
5) b , The six-member board will be set up within the RBI. It would be headed by the RBI's Governor.