Union Budget 2018 Questions Set 4

2018 Union Budget Quiz Set 2

We have come up with important Quiz Questions based on the Union Budget 2018-19 that are expected in the upcoming examinations.

MCQs based on Union Budget 2018-19– Click Here to Read the Highlights of Union Budget 2018-19

1. The Budget Revised Estimates for expenditure in 2017-18 is Rs _____ lakh crore
   Rs 21.57 lakh crore
   Rs 21.47 lakh crore
   Rs 21.67 lakh crore
   Rs 21.77 lakh crore
   Rs 21.27 lakh crore
   Option A
   As per the budget document, total revised estimates for expenditure in 2017-18 are Rs 21.57 lakh crore (net of GST compensation transfers to the states) as against the Budget Estimates (BE) of Rs 21.47 lakh crore.

    

2. What is the custom duty proposed to be levied on cashew for promoting the cashew industry?
   5.5%
   4.5%
   3.5%
   2.5%
   1.5%
   Option D
   Customs duty is proposed to be reduced on raw cashew from 5 percent to 2.5 percent, to help the cashew processing industry.

    

3. The new Health and Education Cess of 4 % is estimated to lead to an additional amount of Rs _______ crore
   Rs 12,000 crore
   Rs 11,000 crore
   Rs 10,000 crore
   Rs 15,000 crore
   Rs 28,000 crore
   Option B
   Existing 3 percent education cess to be replaced by a 4 percent “Health and Education Cess” to collect an estimated additional amount of Rs 11,000 crores.

    

4. What is the increased investment limit under Pradhan Mantri Vaya Vandana Yojana?
   Rs 8 lakh
   Rs 10 lakh
   Rs 12 lakh
   Rs 15 lakh
   Rs 20 lakh
   Option D
   The current investment limit under Pradhan Mantri Vaya Vandana Yojana is proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.

    

5. The tax deduction of 30 percent under Section 80-JJAA regarding emoluments paid to eligible new employees has been relaxed to minimum employment period of ____ days in case of apparel industry.
   100 days
   150 days
   200 days
   250 days
   300 days
   Option B
   In order to encourage creation of new employment the deduction of 30 percent Under Section 80-JJAA with a further relaxation to 150 days in the case of the apparel industry, has been proposed to be extended to the footwear and leather industry.

    

6. What percent of tax deduction has been proposed for companies registered as Farmer Producer Companies with an annual turnover upto Rs. 100 crore?
   75%
   100%
   55%
   50%
   85%
   Option B
   100 percent deduction has been proposed to companies registered as Farmer Producer Companies with an annual turnover upto Rs. 100 crore on profit derived from such activities, for a period of five years from financial year 2018-19

    

7. As per the Union Budget 2018-19, what is the revised emoluments for the Governors?
   Rs 5 lakh
   Rs 4 lakh
   Rs 3.5 lakh
   Rs 3 lakh
   Rs 4.5 lakh
   Option C
   The Budget proposes to revise emoluments to Rs.5 lakh for the President, Rs 4 lakhs for the Vice President and Rs.3.5 lakh per month to Governor. These emoluments were last revised in 2006.

    

8. Under the UDAN scheme _______unserved airports and ______ unserved helipads would be connected.
   56; 31
   45;29
   52;39
   49;35
   64;33
   Option A
   UDAN (Ude Desh ka Aam Naagrik) scheme will connect 56 unserved airports and 31 unserved helipads.

    

9. Who will head of the National Committee constituted to formulate a Commemoration Programme of 150th birth anniversary of Mahatma Gandhi?
   President
   Vice President
   Prime Minister
   Finance Minister
   Lok Sabha Speaker
   Option C
   A National Committee, chaired by the Prime Minister, which includes Chief Ministers of all the States, representatives from across the political spectrum, Gandhians, thinkers and eminent persons from all walks of life, has been constituted to formulate a Commemoration Programme of Mahatma Gandhi’s 150th Birth Anniversary.

    

10. How many poor households would be provided with electricity connection under the Saubahagya Yojana as stated in Budget 2018?
    3 crore
    4 crore
    5 crore
    6 crore
    8 crore
    Option B
    Under Saubahagya Yojana, 4 crore poor households are being provided with electricity connection

     

11. Under the Prime Minister’s Research Fellows (PMRF) Scheme, how many B.Tech students would be selected for Ph.D course?
    2500
    500
    2000
    1000
    1500
    Option D
    The Government would launch the ‘‘Prime Minister’s Research Fellows (PMRF)’’ Scheme this year. Under this, 1,000 best B.Tech students will be identified each year from premier institutions and provide them facilities to do Ph.D in IITs and IISc, with a handsome fellowship.

     

12. As per the Budget 2018, investment in excess of Rs _____ lakh crore is required for increase in GDP growth of India.
    Rs 45 lakh crore
    Rs 20 lakh crore
    Rs 55 lakh crore
    Rs 25 lakh crore
    Rs 50 lakh crore
    Option E
    Emphasising that infrastructure is the growth driver of economy, the Finance Minister estimated that investment in excess of Rs.50 lakh crore is needed to increase growth of GDP and connect the nation with a network of roads, airports, railways, ports and inland waterways.

     

13. According to the Union Budget 2018-19, the companies with turnover of up to Rs. 250 crore would be subjected to corporate tax of __________ percent
    40%
    35%
    30%
    25%
    20%
    Option D
    In fulfilment of the promise to reduce the corporate tax rate in a phased manner, Shri Jaitley has proposed to extend the reduced rate of 25 percent currently available for companies with turnover of less than 50 crore (in Financial Year 2015-16), also to companies reporting turnover up to Rs. 250 crore in Financial Year 2016-17.

     

14. Under the Bharatmala Pariyojana, about _________ kms road would be constructed in Phase-I
    25000
    30000
    35000
    40000
    45000
    Option C
    Under the Bharatmala Pariyojana, about 35000 kms road construction in Phase-I at an estimated cost of Rs.5,35,000 crore has been approved.

     

15. The Budget 2018-19 has proposed to raise the deduction limit for medical expenditure for certain critical illness for senior and very senior citizens of the society to Rs ________
    Rs 90,000
    Rs 1.5 Lakh
    Rs 85,000
    Rs 95,000
    Rs 1 Lakh
    Option E
    Increease in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB.

     

16. The government has imposed restriction on trusts and institutions from making cash payment above Rs 10,000. In case of non-compliance, how much percent of the amount would be subjected to taxation?
    10%
    25%
    20%
    30%
    15%
    Option D
    In a measure that proposes to control the cash economy, payments exceeding Rs. 10,000 in cash made by trusts and institutions shall be disallowed and would be subject to tax. In order to improve TDS compliance by these entities, the Finance Minister has proposed to provide that in case of non deduction of tax, 30 percent of the amount shall be disallowed and would be taxed.

     

17. The government of India has proposed to raise the volume of institutional credit for agriculture sector to Rs _____ lakh crore in 2018-19
    Rs.7 lakh crore
    Rs.9 lakh crore
    Rs.12 lakh crore
    Rs.11 lakh crore
    Rs.15 lakh crore
    Option D
    The volume of institutional credit for agriculture sector from year-to-year increased from Rs.8.5 lakh crore in 2014-15 to Rs.10 lakh crore in 2017-18 and he proposed to raise this to Rs.11 lakh crore for the year 2018-19.

     

18. As per the Union Budget 2018-19, how many rural haats would be transformed into Gramin Agricultural Markets (GrAMs)?
    12,000
    15,000
    22,000
    18,000
    10,000
    Option C
    The Budget has proposed to develop and upgrade existing 22,000 rural haats into Gramin Agricultural Markets (GrAMs) to take care of the interests of more than 86% small and marginal farmers.

     

19. In an effort to raise fund from bond market, the government has asked regulators to move from ‘AA’ rating to _______ rating for investment eligibility.
    AA+
    B+
    A
    B
    AAA
    Option C
    To encourage raising funds from bond market, the Finance Minister urged regulators to move from ‘AA’ to ‘A’ rating for investment eligibility.

     

20. Which among the given statements is not true regarding the Union Budget 2018?
    Scheme will be evolved to assign every individual enterprise in India a unique ID, on the lines of Aadhar.
    Three defence industrial production corridors will be set up for Armed Forces
    To encourage raising funds from bond market, regulators are urged to move from ‘AA’ to ‘A’ rating for investment eligibility.
    Target has been set for acquisition of 12,000 wagons, 5,160 coaches and approximately 700 locomotives during 2018-19
    The Budget proposed an outlay of Rs.7148 crore for the textile sector in 2018-19
    Option B
    Recognizing the sacrifices made by the Armed Forces in meeting the security challenges, the Finance Minister proposed development of two defence industrial production corridors.