Union Budget 2017 Questions Set 4

Shubhra

The 2017 Union Budget was presented by Finance Minister Arun Jaitley on February 1, 2017.

From this year, the Budget announcement is preponed to February 1 from the last working day of February. Budget preponement will give sufficient time to departments to implement government schemes.

We have come up with important questions on Union Budget 2017.

Click here to read the Highlights of union Budget 2017

Budget 2017-18 Set 4

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Annual Budget 2017-18 Quiz- Set 4

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  1. Question 1 of 15
    1. Question

    Banks have set a target of introducing how many new POS terminals by March 2017?

    Correct

    Explanation: Banks have targeted to introduce additional 10 lakh new POS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based POS by September 2017

    Incorrect

    Explanation: Banks have targeted to introduce additional 10 lakh new POS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based POS by September 2017

    Unattempted

    Explanation: Banks have targeted to introduce additional 10 lakh new POS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based POS by September 2017

  2. Question 2 of 15
    2. Question

    A Centralised Travel System has been developed for which of the following personnel?

    Correct

    Explanation: A Centralised Defence Travel System has been developed through which travel tickets can be booked online by our soldiers and officers. Second announcement for Defence was that a Web based interactive Pension Disbursement System for Defence Pensioners will be established.

    Incorrect

    Explanation: A Centralised Defence Travel System has been developed through which travel tickets can be booked online by our soldiers and officers. Second announcement for Defence was that a Web based interactive Pension Disbursement System for Defence Pensioners will be established.

    Unattempted

    Explanation: A Centralised Defence Travel System has been developed through which travel tickets can be booked online by our soldiers and officers. Second announcement for Defence was that a Web based interactive Pension Disbursement System for Defence Pensioners will be established.

  3. Question 3 of 15
    3. Question

    Fiscal Deficit has been target at ____% of the GDP for 2017-18 .

    Correct

    Explanation: FRBM Committee has recommended 3% fiscal deficit for the next three years, keeping in mind the sustainable debt target and need for public investment, fiscal deficit for 2017-18 is targeted at 3.2% of GDP and Government remains committed to achieve 3% in the following year

    Incorrect

    Explanation: FRBM Committee has recommended 3% fiscal deficit for the next three years, keeping in mind the sustainable debt target and need for public investment, fiscal deficit for 2017-18 is targeted at 3.2% of GDP and Government remains committed to achieve 3% in the following year

    Unattempted

    Explanation: FRBM Committee has recommended 3% fiscal deficit for the next three years, keeping in mind the sustainable debt target and need for public investment, fiscal deficit for 2017-18 is targeted at 3.2% of GDP and Government remains committed to achieve 3% in the following year

  4. Question 4 of 15
    4. Question

    What is the pegged Revenue Deficit for the year 2017-18?

    Correct

    Explanation: Revenue Deficit of 2.3% in BE 2016-17 stands reduced to 2.1% in the Revised Estimates(2016-17). The Revenue Deficit for next year is pegged at 1.9%(2017-18) , against 2% mandated by the FRBM Act

    Incorrect

    Explanation: Revenue Deficit of 2.3% in BE 2016-17 stands reduced to 2.1% in the Revised Estimates(2016-17). The Revenue Deficit for next year is pegged at 1.9%(2017-18) , against 2% mandated by the FRBM Act

    Unattempted

    Explanation: Revenue Deficit of 2.3% in BE 2016-17 stands reduced to 2.1% in the Revised Estimates(2016-17). The Revenue Deficit for next year is pegged at 1.9%(2017-18) , against 2% mandated by the FRBM Act

  5. Question 5 of 15
    5. Question

    The holding period for considering gain from immovable property to be long term will bereduced to ___ years?

    Correct

    Explanation: The holding period for considering gain from immovable property to be long term is 3 years now. This is proposed to be reduced to 2 years.

    Incorrect

    Explanation: The holding period for considering gain from immovable property to be long term is 3 years now. This is proposed to be reduced to 2 years.

    Unattempted

    Explanation: The holding period for considering gain from immovable property to be long term is 3 years now. This is proposed to be reduced to 2 years.

  6. Question 6 of 15
    6. Question

    The concessional withholding rate of 5% charged on interest earned by foreign entities in ECB or in Governments securities/bonds will be extended from the present date of 30-06-2017 to _______ ? 

    Correct

    Explanation: A concessional with-holding rate of 5% is being charged on interest earned by foreign entities in external commercial borrowings or in bonds and Government securities. This concession is available till 30.6.2017. It has been propose to extend it to 30.6.2020. This benefit is also extended to Rupee Denominated (Masala) Bonds.

    Incorrect

    Explanation: A concessional with-holding rate of 5% is being charged on interest earned by foreign entities in external commercial borrowings or in bonds and Government securities. This concession is available till 30.6.2017. It has been propose to extend it to 30.6.2020. This benefit is also extended to Rupee Denominated (Masala) Bonds.

    Unattempted

    Explanation: A concessional with-holding rate of 5% is being charged on interest earned by foreign entities in external commercial borrowings or in bonds and Government securities. This concession is available till 30.6.2017. It has been propose to extend it to 30.6.2020. This benefit is also extended to Rupee Denominated (Masala) Bonds.

  7. Question 7 of 15
    7. Question

    As per Union Budget 2017-18, startups can now avail three-year tax holiday in a block of __ years instead of 5 years as earlier.

    Correct

    Explanation: The profit(linked deduction) exemption available to the start-ups for 3 years out of 5 years is changed to 3 years out of 7 years

    Incorrect

    Explanation: The profit(linked deduction) exemption available to the start-ups for 3 years out of 5 years is changed to 3 years out of 7 years

    Unattempted

    Explanation: The profit(linked deduction) exemption available to the start-ups for 3 years out of 5 years is changed to 3 years out of 7 years

  8. Question 8 of 15
    8. Question

    As per the announcement made in Annual Budget 2017-18, the Minimum Alternate Tax(MAT) will now be carry forward upto a period of ___ years instead of 10 years.

    Correct

    Explanation: MAT credit is allowed to be carried forward up to a period of 15 years instead of 10 years at present

    Incorrect

    Explanation: MAT credit is allowed to be carried forward up to a period of 15 years instead of 10 years at present

    Unattempted

    Explanation: MAT credit is allowed to be carried forward up to a period of 15 years instead of 10 years at present

  9. Question 9 of 15
    9. Question

    What is the new Income tax rate applicable on MSME companies with annual turnover of upto Rs 50 Crore as per the annual budget 2017-18?

    Correct

    Explanation: In order to make MSME companies more viable, income tax for companies with annual turnover upto Rs 50 crore is reduced to 25%

    Incorrect

    Explanation: In order to make MSME companies more viable, income tax for companies with annual turnover upto Rs 50 crore is reduced to 25%

    Unattempted

    Explanation: In order to make MSME companies more viable, income tax for companies with annual turnover upto Rs 50 crore is reduced to 25%

  10. Question 10 of 15
    10. Question

    The allowable provision for Non-Performing Asset of Banks has been increased to what percentage in the Annual Budget 2017-18?

    Correct

    Explanation: Allowable provision for Non-Performing Asset of Banks increased from 7.5% to 8.5%. Interest taxable on actual receipt instead of accrual basis in respect of NPA accounts of all non-scheduled cooperative banks also to be treated at par with scheduled banks

    Incorrect

    Explanation: Allowable provision for Non-Performing Asset of Banks increased from 7.5% to 8.5%. Interest taxable on actual receipt instead of accrual basis in respect of NPA accounts of all non-scheduled cooperative banks also to be treated at par with scheduled banks

    Unattempted

    Explanation: Allowable provision for Non-Performing Asset of Banks increased from 7.5% to 8.5%. Interest taxable on actual receipt instead of accrual basis in respect of NPA accounts of all non-scheduled cooperative banks also to be treated at par with scheduled banks

  11. Question 11 of 15
    11. Question

    Basic customs duty on LNG has been proposed to be reduced from 5% to __%.

    Correct

    Explanation: Basic customs duty on LNG reduced from 5% to 2.5%

    Incorrect

    Explanation: Basic customs duty on LNG reduced from 5% to 2.5%

    Unattempted

    Explanation: Basic customs duty on LNG reduced from 5% to 2.5%

  12. Question 12 of 15
    12. Question

    For Small and Medium tax payers with turnover upto Rs 2 crore,  the presumptive income has been reduced to __% of total turnover from the present 8%.

    Correct

    Explanation: Under scheme of presumptive income for small and medium tax payers whose turnover is upto Rs 2 crores, the present, 8% of their turnover which is counted as presumptive income is reduced to 6% in respect of turnover.

    Incorrect

    Explanation: Under scheme of presumptive income for small and medium tax payers whose turnover is upto Rs 2 crores, the present, 8% of their turnover which is counted as presumptive income is reduced to 6% in respect of turnover.

    Unattempted

    Explanation: Under scheme of presumptive income for small and medium tax payers whose turnover is upto Rs 2 crores, the present, 8% of their turnover which is counted as presumptive income is reduced to 6% in respect of turnover.

  13. Question 13 of 15
    13. Question

    What is the maximum donation that a charitable trust can receive in cash as announced in Annual Budget 2017-18?

    Correct

    Explanation: The limit of cash donation which can be received by a charitable trust is being reduced from Rs 10,000/- to Rs 2000/-.

    Incorrect

    Explanation: The limit of cash donation which can be received by a charitable trust is being reduced from Rs 10,000/- to Rs 2000/-.

    Unattempted

    Explanation: The limit of cash donation which can be received by a charitable trust is being reduced from Rs 10,000/- to Rs 2000/-.

  14. Question 14 of 15
    14. Question

    In the annual Budget 2017-18, at what amount has been the upper ceiling limit of cash transaction fixed?

    Correct

    Explanation: No transaction above Rs 3 lakh would be permitted. 100% penalty on violation.

    Incorrect

    Explanation: No transaction above Rs 3 lakh would be permitted. 100% penalty on violation.

    Unattempted

    Explanation: No transaction above Rs 3 lakh would be permitted. 100% penalty on violation.

  15. Question 15 of 15
    15. Question

    Which of the following campaign will be launched to promote tourism in India?

    Correct

    Explanation: Incredible India 2.0

    Incorrect

    Explanation: Incredible India 2.0

    Unattempted

    Explanation: Incredible India 2.0

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2 Thoughts to “Union Budget 2017 Questions Set 4”

  1. Learnu banegi PNB PO :))
    February 26, 2017 at 5:16 pm

    Budget 2017-18 Set 4
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    March 27, 2023 at 7:00 pm

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