Possible questions on UNION BUDGET 2015-16

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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) Wht 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