Thursday, 28 January 2016

Highlights of Union Budget 2015-16: PDF with Quiz Download

Dear mm experts, As you all know, Union Finance Minister Arun Jaitley dated (28 February 2015) presented the Union Budget 2015-16 in Parliament. Questions related to this Union budget 2015-16. Form Union Budget 2015-16 will surely be asked in upcoming IBPS/LIC RRB, SSC RBI and other competitive Exams or govt jobs exams and mainly in IBPS PO exam. So in this post, we are sharing with you the highlights of the Union Budget 2015-16. You are requested to read our all India general knowledge quiz for your better competitive exam preparation and high score...! Deepak Jaiswal with team mm (meritmock.com) 

1. No change in personal Income Tax * Health Insurance Premium deduction hiked from Rs. 15,000 to Rs. 25,000; for senior citizens to Rs. 30,000
2. Transport allowance exemption hiked to Rs. 1,600, from Rs. 800 per month
3. Additional 2% surcharge on people earning over Rs. 1 cr; to fetch Rs. 9,000 cr
4. Wealth tax abolished
5. Direct Taxes Code (DTC) dropped
6. Rs. 50,000 deduction for contribution to New Pension Scheme
7. To lower Corporate Tax to 25% over next four years
8. GAAR implementation deferred by 2 years to April 2017
9. Service Tax rate hiked to 14%, from 12.36%
10.Tax free bonds for roads, railways, irrigation projects
11.2015—16 growth between 8—8.5%, double digit growth feasible
12.Retail inflation close to 5% by March, room for monetary policy easing
13.To achieve fiscal deficit of 3% of GDP by 2017—18
14.Fiscal Deficit target 3.9% in 2015—16, 3.5% in 2016—17
15.Revenue Deficit to be 2.8% in 2015—16
16.Current Account Deficit for 2014—15 to be below 1.3% of GDP
17.To introduce comprehensive law to deal with black money
18.Benami property transaction bill to tackle black money transaction in real estate soon
19.100% deduction for contribution to Swachh Bharat, Clean Ganga projects
20.GST to be put in place by April 1, 2016
21.Internationally competitive direct tax regime to be put in place to incentivise saving
22.Incentivise use of credit, debit cards; disincentivise cash transaction to curb black money.

Sector-wise Union Budget 2015-16 Top highlights:

TAXATION
* Abolition of Wealth Tax.
* Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
* Rate of corporate tax to be reduced to 25% over next four years.
* No change in tax slabs.
* Total exemption of up to Rs. 4,44,200 can be achieved.
* 100% exemption for contribution to Swachch Bharat, apart from CSR.
* Service tax increased to14 per cent.

AGRICULTURE
* Rs. 25,000 crore for Rural Infrastructure Development Bank.
* Rs. 5,300 crore to support Micro Irrigation Programme.
* Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE
* Rs. 70,000 crores to Infrastructure sector.
* Tax-free bonds for projects in rail road and irrigation
* PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
* Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
* Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION
* AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
* IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.
* PG institute of Horticulture in Amritsar.
* Kerala to have University of Disability Studies
* Centre of film production, animation and gaming to come up in Arunachal Pradesh.
* IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE
* Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
* Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES
* GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.
* Six crore toilets across the country under the Swachh Bharat Abhiyan.
* MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
* Housing for all by 2020.
* Upgradation 80,000 secondary schools.
* DBT will be further be expanded from 1 crore to 10.3 crore.
* For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.
* New scheme for physical aids and assisted living devices for people aged over 80 .
* Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
* Rs. 5,000 crore additional allocation for MGNREGA.
* Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY
* Rs. 75 crore for electric cars production.
* Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro.

TOURISM
* Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
* Visa on Arrival for 150 countries.

FINANCIAL SECTOR
* Forward Markets Commission to be merged with the Securities and Exchange Board of India.
* NBFCs registered with the RBI and having asset size of Rs 500 crore and above to be considered as ‘financial institution’ under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses
* Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”

Courtesy in preparing this article: The Hindu

Official Union Budget 2015-16 Budget Speech: English and Hindi


Quiz on Union Budget 2015-16 Union Budget

Quiz Q. 1. In the Union Budget, rate of Service Tax was hiked from 12% to ____.
(1) 13%
(2) 14%
(3) 15%
(4) 14.5%
(5) NOTA

Quiz Q. 2. In the Union Budget 2015-16, Fiscal deficit seen at how much per cent of GDP in 2015/16?
(1) 3.9 %
(2) 4.1 %
(3) 4.5%
(4) 5%
(5) NOTA

Quiz Q. 3. How much amount has been allocated to the Rural Infrastructure Development Bank in the Union Budget 2015-16?
(1) Rs. 5,300 crore
(2) Rs.35,700 crore
(3) Rs. 25,00 crore
(4) Rs. 70,000 crore
(5) Rs. 46,200 crore

Quiz Q. 4. According to the Union Budget, two new IIM will be opened in which of the following states?
(1) Jammu & Kashmir and Punjab
(2) Andhra Pradesh and Himachal Pradesh
(3) Assam and Andhra Pradesh
(4) Jammu & Kashmir and Andhra Pradesh 
(5) NOTA

Quiz Q. 5. According to the Union Budget 2015-16, Non-Banking Financial Companies (NBFCs) registered with Reserve Bank of India (RBI) above _______ will be now considered as financial institutions?
(1) Rs. 10,000 crore
(2) Rs. 5,000 crore
(3) Rs. 2000 crore
(4) Rs. 1000 crore
(5) Rs. 500 crore

Quiz Q. 6. How much amount has been allocated for Rural Employment Guarantee Scheme in the Union Budget 2015-16?
 (1) 448.70 billion rupees
(2) 552.12 billion rupees
(3) 346.99 billion rupees
(4) 213.57 billion rupees
(5) 129.99 billion rupees

Quiz Q. 7. How much amount has been allocated to Defence sector in the Union Budget 2015-16?
(1) Rs. 2,46,726 crore
(2) Rs. 4,35,627 crore
(3) Rs. 3,25,925 crore
(4) Rs. 5,16,636 crore
(5) NOTA

Quiz Q. 8. According to the Union Budget, how much per cent of Revenue Deficit to be seen in 2015-16?
(1) 3.1%
(2) 2.8%
(3) 2.75%
(4) 1.3%
(5) NOTA

Quiz Q. 9. According to the Union Budget 2015-16, how much per cent, rate of corporate tax will be reduced over next four years?
(1) 35%
(2) 30%
(3) 25%
(4) 20%
(5) 15%

Quiz Q. 10. According to the Union Budget 2015-16, now details of PAN has to mentioned compulsory for transactions for more than _____.
(1) Rs. 1 lakh
(2) Rs. 2 lakh
(3) Rs. 50,000
(4) Rs. 60,000
(5) NOTA

Quiz Q. 11. In the Union Budget 2015-16, increase in the limit of health insurance premium from current Rs 15,000 to ____.
(1) Rs. 20,000
(2) Rs. 25,000
(3) Rs. 35,000
(4) Rs. 30,000
(5) Rs. 18,000

Quiz Q. 12. How much amount has been allocated for micro-irrigation watershed projects in the Union Budget 2015-16?
(1) Rs. 4,500 Crore
(2) Rs. 3,300 Crore
(3) Rs. 5,300 Crore
(4) Rs. 6,200 Crore
(5) Rs. 2,700 Crore

Quiz Q. 13. How much amount has been allocated to Infrastructure sector in the Union Budget 2015-16?
(1) Rs. 1 Lakh crore
(2) Rs. 80,000 crore
(3) Rs 50,000 crore
(4) Rs. 70,000 crore
(5) NOTA

Quiz Q. 14. According to the Union Budget 2015-16, Visa on arrival for how many countries?
(1) 100
(2) 150
(3) 200
(4) 50
(5) 75

Quiz Q. 15. According to the Union Budget, Centre of film production, animation and gaming to come up in _____.
(1) Maharashtra
(2) Uttar Pradesh
(3) Kerala
(4) AP
(5) New Delhi

Must read : 

1 comment:

  1. STRUCTURAL REFORMS ?

    Speaking at the Global Business Summit yesterday , Shri Arun Jaitley said :
    " We will introduce Structural Reforms in the forthcoming Union Budget "
    What is the current structure of Union Budget ?
    # SOURCES of REVENUE
    * Taxes ( Direct + Indirect )
    * Borrowings ( Domestic + Foreign )
    * Sale / Leasing of Assets ( PSUs + Natural National Resources )

    # DEPLOYMENT of REVENUE
    * Administrative Expenses ( Salaries / Pensions / Maintenance / Subsidies , etc )
    * Interest ( + Principal Amount ) on borrowings
    * Developmental Expenses ( Creation of new Assets / Infrastructure )
    * Lending

    Broadly speaking , this is the current structure
    Most of the time , all that the successive Finance Ministers have done is to slightly " Increase / Decrease " the " Sources and / or Deployment " of the funds , here and there
    Once in a while , some Finance Minister , even introduced altogether NEW source or a NEW way to spend the revenue !
    But so far , no one has attempted to change the FUNDAMENTAL STRUCTURE !
    I wonder whether Shri Jaitleyji's BUDGETARY REFORMS would incorporate the following Structural Changes for which , I have sent to him ( and to most of his cabinet colleagues ), dozens of emails ? :

    * Total abolition of Personal Income Tax ( Revenue Loss of approx Rs 2.5 lakh*crores )
    * Introduction of 2% Bank Transaction Tax - BTT ( Revenue Gain of Rs 15 lakh*crores )
    * Decreasing Corporate tax slab-rates based on No of permanent employees ( to encourage job creation )
    * Perpetual Amnesty Scheme ( no questions asked as to the source for CASH deposits in Jan Dhan Accounts , if
    funds from these Accounts are invested in Govt approved INFRASTRUCTURE SPVs )
    So far , Rs 30,000 Crores have been deposited in Jan Dhan Accounts . With introduction of this REFORM ,
    that figure will rise a thousand times to Rs 30,000,000 Crores , within one year !
    These investments will generate 10 million jobs each year and raise our GDP to 10 % in 2016-17 !
    * Transferring 10% of GST ( ie 1.8 % out of 18 % ) to PPF accounts of the buyers ( increase Domestic Savings )
    * Embedding of RFID chips in Currency Note ( read Kurzweilai.net ) to solve twin problems of BLACK MONEY and
    CORRUPTION
    * Introducing " Budgeting By Objectives " ( instead of Monetary Allocations, setting Physical Targets for Ministers )
    * Quarterly Performance Review of " Targets vs Actual Achievements " to be published on Govt web sites
    * Thru an Online Opinion Poll , involving citizens in framing of the Ministry-wise Physical Targets before the budget

    After second World War , German Economy was in shambles
    68 years later , Germans are still thanking their then finance minister , Ludwig Erhard , for the miracle ("Wirtschaftswunder," German for "economic miracle") he brought through his " Out of the Box " reforms to revive the German Economy
    I hope Shri Jaitley displays similar courage on 29 Feb 2016 - even if he is not bothered being remembered or not !
    -------------------------------------------------------------------------------------------------------------------------------
    hemenparekh.in / blogs
    31 Jan 2016

    ReplyDelete

Advertisement