The document provides details from the Union Budget of India presented on February 28, 2015 by Finance Minister Arun Jaitley. Some key points include: - The personal income tax exemption limit remained Rs. 2.5 lakh. - Health insurance premium deduction was increased to Rs. 25,000. - Service tax was increased to 14%. - Corporate tax will be reduced to 25% over the next four years. - Mudra banks will be established with Rs. 20,000 crore in capital.

1. BUDGET
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

2. 14) Service Tax rate hiked to ___% from 12.36%? - 14%
15) Tax free bonds were proposed in budget for? - Roads, railways, irrigation projects
16) As per Budget 2015-16 proposal, GST (Goods and Services Tax) to be put in place by? - April
1, 2016
17) ____% deduction for contribution to Swachh Bharat, Clean Ganga projects were announced
in Budget 2015? - 100%
18) Which tax was abolished in Budget 2015? - Wealth Tax
19) Additional ____ % surcharge for the super rich with income of over Rs. 1 crore were
announced in Budget 2015? - 2%
20) Tax slabs were not changed in Union Budget 2015-16. True or False? - True
21) Service tax was increased to ____ per cent in Budget 2015-16? - 14%
22) Rs. _____ crore were announced in Budget 2015 for Rural Infrastructure DevelopmentBank?
- 25,000
23) ______ Mission to be established to draw on expertise of entrepreneurs, and researchers to
foster scientific innovations? - Atal Innovation Mission
24) AIIMS were announced in which states in Budget 2015-16? - Jammu and Kashmir, Punjab,
Tamil Nadu, Himachal Pradesh, Bihar and Assam.
25) Which is the only state to get IIT as per Budget proposal 2015-16? - Karnataka
26) Indian School of Mines in which place is proposed to be upgraded to IIT? - Dhanbad

3. 27) PG institute of Horticulture was announced in which city? - Amritsar
28) University of Disability Studies was announced for which state? - Kerala
29) Centre of film production, animation and gaming to come up in ? - Arunachal Pradesh
30) IIM were announced in which state? - Jammu and Kashmir and Andhra Pradesh
Details of each scheme is given below
1) Deendayal Upadhyaya Gram Jyoti Yojana
“Deendayal Upadhyaya Gram Jyoti Yojana” for feeder separation will be
launched to augment power supply to the rural areas and for strengthening sub-
transmission and distribution systems. Its long term aim is to provide 24×7
uninterrupted power supply to all homes. A sum of Rs. 500 crores has been set
aside for this scheme.
2) Shyama Prasad Mukherji Rurban Mission
Shyama Prasad Mukherji Rurban Mission will be launched to deliver integrated
project based infrastructure in the rural areas. The scheme will also include
development of economic activities and skill development. The preferred mode
of delivery would be through PPPs while using various scheme funds. It is based
on the example of Gujarat that has demonstrated successfully the Rurban
development model of urbanization of the rural areas, through which people
living in the rural areas can get efficient civic infrastructure and associate
services.
3) Soil Health Card Scheme for Every Farmer The deteriorating soil health has
been a cause of concern and leads to sub optimal utilization of farming

4. resources. The Government will initiate a scheme to provide to every farmer a
soil health card in a mission mode. A sum of Rs 100 core for this purpose has
been kept aside by the government. An additional Rs 56 crores have been
allocated to set up 100 mobile soil testing laboratories across the county. There
have also been growing concerns about the imbalance in the utilization of
different types of fertilizers resulting in deterioration of the soil.
4) Swatchh Bharat Abhiyan
The Government intends to cover every household by total sanitation by the year
2019, the 150th year of the Birth Anniversary of Mahatma Gandhi.
5) Pradhan Mantri Krishi Sinchayee Yojana
The Government has proposed to initiate the scheme “Pradhan Mantri Krishi
Sinchayee Yojana”. It is proposed to meet the need to provide assured irrigation
to mitigate risk to the farmer since bulk of the farm lands are rainfed and depend
on monsoon. This scheme would facilitate access to irrigation. A sum of Rs.1,000
crores is being set aside for this scheme.
6) A Dedicated TV Channel ‘Kisan TV’ to be Launched for Farmers
Kisan TV, dedicated to the interests of the agriculture and allied sector will be
launched in the current financial year. This will disseminate real time
information to the farmers regarding new farming techniques, water
conservation, organic and farming etc.
7) Multi Skill Programme – Skill India
The Government has announced the launch of a national Multi-Skill programme
called Skill India. This programme would skill the youth with an emphasis on

5. employability and entrepreneur skills. It will also provide training and support
for traditional professions like welders, carpenters, cobblers, masons,
blacksmiths and weavers etc. Convergence of various schemes to attain this
objective is also proposed.
8) Kisan Vikas Patra (KVP) Re-Introduced
Kisan Vikas Patra (KVP) is being re-introduced to encourage people, who may
have banked and unbanked savings to invest in this instrument. Kisan Vikas
Patra is a saving scheme that doubles the money invested in eight years and
seven months. The Directorate of Small Savings Government of India, sells these
saving bonds through all Post Offices in the country so that the scheme can be
accessed by citizens from all over the country. A KVP can be encashed after two
and a half years from the date of issue at the value it has been bought and the
interest accrued for the period.
9) Integrated Ganga Conservation Mission ‘Namami Gange’
The Government has proposed to set up an Integrated Ganga Conservation
Mission called (Namami Gange). An amount of Rs. 2037 crore has been set aside
for the Mission in the current Budget. The Mission is being launched because a
substantial amount of money has been spent in the conservation and
improvement of the river Ganga but the efforts have not yielded desired results
because of the lack of concerted effort by all the stakeholders. To harness the
enthusiasm of the NRI Community to contribute towards the conservation of the
river Ganga, an NRI Fund for Ganga will be set up which will finance special
projects.

6. 10) Beti Bachao, Beti Padhao Yojana Launched
Government has introduced a new scheme called Beti Bachao, Beti Padhao,
which will help in generating awareness and improving the efficiency of delivery
of welfare services meant for women with an initial corpus of Rs 100 crore. The
government would focus on campaigns to sensitize people of this country
towards the concerns of the girl child and women. The process of sensitization
must begin early and therefore the school curriculum must have a separate
chapter on gender mainstreaming.
11) Digital India Programme
Centre has proposed to launch a pan India Programme called “Digital India” to
further bridge the divide between digital “haves” and “have-nots”. This would
ensure Broad band connectivity at village level, improved access to services
through IT enabled platforms, greater transparency in Government processes
and increased indigenous production of IT hardware and software for exports
and improved domestic availability. Special focus would be given on supporting
software product startups. The Government has also proposed to set-up A
National Rural Internet and Technology Mission for services in villages and
schools, training in IT skills and E-Kranti for government service delivery and
governance scheme with an initial corpus of Rs. 500 crore. A programme for
promoting “Good Governance” will also be launched and a sum of Rs.100 crore
will be set aside for this.
12) Housing for All by 2022
Government has proposed to set up a Mission on Low Cost Affordable Housing
to be anchored in the National Housing Bank. A sum of Rs 4,000 crore has been
earmarked for National Housing Bank with a view to increase the flow of

7. cheaper credit for affordable housing to the urban poor/EWS/LIG segment. The
Government has already outlined some other incentives such as easier flow of
FDI in this sector and is willing to examine other positive suggestions. The
government has included slum development in the list of Corporate Social
Responsibility (CSR) activities to encourage the private sector to contribute more
towards this activity.
UNIONBUDGET
1) Union Budget of India is referred to as the Annual Financial Statement in
which article of the Constitution of India?
Ans. Article 112
2) On which day Union budget is presented in Lok Sabha normally?
Ans. Last working day of February by the Finance Minister of India
3) When will the Budget come to effect every financial year?
Ans. April 1
4) What does 'Vote on Account' deals with?
Ans. Expenditure side of the government's budget
5) Which Finance Minister presented the budget ten times, the most by any in
Parliament?
Ans. Morarji Desai
6) Name the Finance Minister of India who has presented the Union Budget 2014
in Parliament on 10 July 2014?
Ans. Arun Jaitley

8. 7) Who has presented the first Union budget of independent India on November
26, 1947?
Ans. R. K. Shanmukham Chetty
8) On February 29 in 1964 and 1968 who became the only finance minister to
present the Union budget on his birthday?
Ans. Moraji Desai
9) Who were the three Prime Ministers who presented the Budget in Parliament
as they were holding the Finance Ministry portfolio?
Ans. Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi
10) Until the year 2000, at which time Union Budget was presented in Lok Sabha?
Ans. 5.00 PM
Note: This practice was inherited from the Colonial Era, when the British
Parliament would pass the budget in the noon followed by India in the evening
of the day.
11) From 2001 Union Budget was announced at 11 am. Who presented first
budget at 11 am in 2001?
Ans. Yashwant Sinha
12) In Union budget 2014 FDI cap in Defense and Insurance sector has been
increased to ......... % from 26%?
Ans. 49%

9. 13) The tax exemption limit has been increased to ........ lakhs from existing 2
lakhs in Budget 2014?
Ans. 2.5 lakhs
14) Income tax exemption limit for senior citizens has been raised to ...... in
Budget 2014?
Ans. 3 lakhs
15) Investment limit under Section 80C has also been increased to ....... from
existing 1 lakhs in Budget 2014?
Ans. 1.5 lakhs
16) Housing loan interest rate deduction limit has been increased to?
Ans. 2 lakhs
17) Finance Minsiter has put forth aim to achieve ....... per cent economic growth
rate in next 3-4 years?
Ans. 7-8 %
18) Which scheme will be introduced at 9 airports in the country as announced in
Budget 2014?
Ans. E-visa
19) Govt proposed to set up how many smart cities in Union Budget 2014?
Ans. 100
20) Total sanitation in India is expected by which year as announced in Budget
2014?Ans2019

10. 21) Kisan Vikas Patra was reintroduced in Union Budget 2014. What is Kisan
Vikas Patra?
Ans. Kisan Vikas Patra is a saving scheme that was announced by the
Government of India that doubles the money invested in eight years and
seven months. The Directorate of Small Savings Government of India, sells
these saving bonds through all Post Offices in the country so that the scheme
can be accessed by citizens from all over the country. A KVP can be encashed
after two and a half years from the date of issue at the value it has been bought
and the interest accrued for the period.
22) Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme)
raised from Rs 6,500 to .........?
Ans. Rs 15,000
23) Minimum pension increased to ...... per month in Budget 2014?
Ans. Rs 1,000
24) How many new IIMs have been announced in Union Budget 2014?
Ans. 5
Note: In HP, Punjab, Bihar, Odisha and Rajasthan
25) How many new IITs have been announced in Union Budget 2014?
Ans. 5
Note: To come up in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.
26) How many new AIIMs have been announced in Union Budget 2014?
Ans. 4

11. Note: To come up in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra
and Poorvanchal in Uttar Pradesh.
27) Govt proposed to launch which programme to ensure broad band
connectivity at village level as announced in Union Budget 2014?
Ans. 'Digital India’
28) Name the TV channel announced for farmers in Union Budget 2014-15?
Ans. KISAN TV
29) Name the TV channel announced for North East in Union Budget 2014-15?
Ans. Arun Prabha TV
30) Name the project on the river Ganga for inland waterways between
Allahabad and Haldia announced in Union Budget 2014-15?
Ans. Jal Marg Vikas
Note: Rs 4,200 crore set aside for the purpose.
31) EPFO to launch which Service for contributing members?
Ans. Uniform Account Number
32) Name the new programme announced to give impetus to watershed
development in the country with an initial outlay of Rs. 2142 crores?
Ans. Neeranchal
33) Name the scheme announced in Budget to generate awareness and help in
improving the efficiency of delivery of welfare services meant for women?
Ans. Beti Bachao, Beti Padhao Yojana

12. 34) Two National Institutes of Ageing announced to be set up in Union Budget
will be at?
Ans. AIIMS, New Delhi and Madras Medical College, Chennai.
35) How much fund has been allotted to support about 600 new and existing
Community Radio Stations? Ans. Rs 100 crore
36) Swachh Bharat Abhiyan to cover every household with sanitation facility by
the year? Ans. 2019
37) Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called?
Ans. Namami Gange
38) Fund allocated for increasing safety of women in large cities?
Ans. Rs 150 crore
39) Amount allotted for the project of developing 100 Smart Cities? Ans. Rs.
7,060 crore
40) Fund set aside for PSU banks capitalisation? Ans. Rs 11,200 crore
41) Govt provides ..... crore for rehabilitation of displaced Kashmiri migrants as
announced in Union Budget 2014-15?Ans. Rs 500
42) How much fund has been provided for “Pradhan Mantri Krishi Sinchayee
Yojna” for assured irrigation?Ans. 1000 crore

13. 43) Agriculture University announced in Budget will be set up at?
Ans. Andhra Pradesh & Rajasthan
44) Crisis Management Center for women will be open at?Ans. Delhi
45) What is the targeted fiscal deficit for 2016 (year 2015-16) as announced in the
Union Budget 2014-15?
Ans. 3.6% of GDP
46) How much fund was set aside for the proposed National Rural Internet and
Technology Mission (NRITM)?
Ans. Rs. 500 crore
47) What special feature has been proposed for currency notes in the Union
Budget 2014-15?
Ans. Currency notes will henceforth integrate Braille-features to benefit the
visually-disabled people.
48) The National Industrial Corridor (NIC) that was proposed to be established
in the Union Budget of 2014-15 will be at?
Ans. Pune
49) Plan expenditure pegged at ..... lakh crore?
Ans. Rs 5.75
50) Non-plan expenditure pegged at ...... crore?
Ans. Rs 12.19 lakh