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Current GK (Union Budget 2011)

Description: For CSAT 2011 on the Union Budget 2011-2012
Number of Questions: 25
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The Union Budget 2011-2012 has proposed an excise duty across all branded garments. What is the proposed excise duty?

  1. 30%

  2. 15%

  3. 10%

  4. 5%

Show answer
Correct Option: C
Explanation:

 The Union Budget  2011-2012 has proposed an excise duty of 10 per cent across all branded garments.

The budgetary (the Union Budger 2011-2012) allocation for the President's household establishment has been reduced as compared to last fiscal. Which statment is correct about the above changes made by the Union Budget 2011-2012?

  1. The budgetary allocation for the President's household establishment has been reduced by 30 per cent as compared to last fiscal.

  2. The budgetary allocation for President's Secretariat has seen a marginal increase of 37 lakh this fiscal.

  3. The salary and allowances of the President have been left unchanged.

  4. This year (2011-2012) Rs. 22.61 crore have been allocated for the President's household establishment.

Show answer
Correct Option: C
Explanation:

 The salary and allowances of the President have been left unchanged at Rs. 18 lakh.

What is Sugam, according to the Union Budget 2011-2012?

  1. A separate web-based facility to enable a direct, stand-alone interface for taxpayers with the I-T Department

  2. Aaykar Seva Kendra (ASK)

  3. A new scheme to provide assistance to states to modernise their stamp and registration administration.

  4. A new simplified income tax return form

Show answer
Correct Option: D
Explanation:

 The Union Budget 2011-2012 proposed to introduce a new simplified income tax return form 'Sugam'.

The Youth Affairs and Sports Ministry has been allocated Rs 1,121 crores in the annual budeget for 2011-12. What is the percent (approx.) change against last year allocation?

  1. Increased by 35%

  2. Reduced by 35%

  3. Reduced by 65%

  4. Increased by 65%

Show answer
Correct Option: C
Explanation:

The Youth Affairs and Sports Ministry has been allocated Rs 1,121 crores in the annual budeget for 2011-12, which is nearly one-third of last year's Rs 3,315.67 crores. Last year allocation Rs. 3315.67 - Current Year allocation Rs. 1121 = Rs. 2194.67. %change = 2194.67 *100 / 3315.67 = 66% (approx. 65%). So it is reduced by 65%.

Which direct tax proposal is correct as per the Unoin Budget 2011-2012?

  1. Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs. 1,90,000.

  2. Exemption limit enhanced and qualifying age reduced from 65 year to 62 year for senior citizens.

  3. Current surcharge of 7.5 per cent on domestic companies proposed to be reduced to 6 per cent.

  4. Rate of Minimum Alternative Tax proposed to be increased from 18 per cent to 18.5 per cent of book profits.

Show answer
Correct Option: D
Explanation:

Rate of Minimum Alternative Tax proposed to be increased from 18 per cent to 18.5 per cent of book profits.

Which of the following statements is correct as per the Unoin Budget 2011-2012?

  1. Additional deduction of Rs. 20,000 for investment in long-term infrastructure bonds proposed to be extended for two more years.

  2. Lower rate of 10 per cent tax on dividends received by an Indian company from its foreign subsidiary.

  3. Weighted deduction on payments made to National Laboratories, Universities and Institutes of Technology to be enhanced to 200 per cent.

  4. A net revenue loss of Rs. 15,500 crore estimated as a result of direct tax proposals.

Show answer
Correct Option: C
Explanation:

Weighted deduction on payments made to National Laboratories, Universities and Institutes of Technology to be enhanced to 200 per cent.

Which of the proposals regarding indirect tax is correct as per the Unoin Budget 2011-2012?

  1. Central Excise Duty to be maintained at standard rate of 10 per cent.

  2. Lower rate of Central Excise Duty enhanced from 4 per cent to 6 per cent.

  3. Basic Custom Duty for specified agricultural machinery reduced from 5 per cent to 4 per cent.

  4. A net revenue gain of Rs. 14,300 crore estimated as a result of indirect tax proposals.

Show answer
Correct Option: A
Explanation:

Central Excise Duty to be maintained at standard rate of 10 per cent.

As per proposal of the Union Budget 2011-12, senior citizens will get tax exemption for income up to ..........................

  1. Rs. 2.5 lakh.

  2. Rs. 2.4 lakh.

  3. Rs. 1.8 lakh.

  4. Rs. 5 lakh.

Show answer
Correct Option: A
Explanation:

Senior citizens will get tax exemption for income up to Rs. 2.5 lakh.

Which of the grant proposals for education is correct as per the Union Budhet 2011-2012?

  1. Rs 300 cr as one-time grant to IIT-KGP.

  2. Rs 20 crore grant for Delhi School of Economics.

  3. Rs 200 cr for Maulana Azad Education.

  4. Rs. 64 cr each to Aligarh Muslim Uniiversity centres.

Show answer
Correct Option: C
Explanation:

Rs 200 cr for Maulana Azad Education.

Which of the following statements is correct as per the Union Budget 2011-2012?

  1. Allocation of Rs. 2,14,000 crore for infrastructure in 2011-12. This is an increase of 30 per cent over 2010-11.

  2. Allocation for social sector in 2011-12 (Rs 1,60,887 crore) increased by 7 per cent over current year.

  3. From 1st April, 2011, remuneration of Anganwadi workers increased from Rs. 1,500 per month to Rs. 3,000 per month.

  4. Allocation for education increased by 34 per cent over current year.

Show answer
Correct Option: C
Explanation:

From 1st April, 2011, remuneration of Anganwadi workers increased from Rs. 1,500 per month to Rs. 3,000 per month.

Which statement(s) is/are correct as per the Union Budget 2011-2012?

i. Rs. 10,000 crore provided in current year for developmental needs of Jammu and Kashmir. ii. To build judicial infrastructure, plan provision for Department of Justice increased by three fold to Rs. 1,500 crore. iii. Higher exemption limit for very senior citizens, who are 80 years or above. iv. Standard rate of service tax retained at 10 per cent.

  1. i, iii

  2. ii, iv

  3. iii, iv

  4. i, iii, iv

Show answer
Correct Option: C
Explanation:

Higher exemption limit for very senior citizens, who are 80 years or above.

Which one of the following statments is correct as per the Union Budget 2011-2012?

  1. Award to be introduced in the name of Rabindranath Tagore with cash prize of 1 crore to promote international botherhood.

  2. To raise Rs 30,000 crore via disinvestment.

  3. National Knowledge Network to be set up by Jan 2012.

  4. New scholarships for needy SC/ST/OBC students of Class 9/10.

Show answer
Correct Option: A
Explanation:

Award to be introduced in the name of Rabindranath Tagore with cash prize of 1 crore to promote international botherhood.

Which statement(s) is/are incorrect as per the Union Budget 2011-2012?

i. Old age pension to persons of over the age of 80 raised from Rs. 200 to Rs. 400. ii. Service tax on air travel increased by Rs. 150 for domestic travel in economy class. iii. Service tax on air travel increased by Rs. 250 for international travel in economy class. iv. Allocation under Rashtriya Krishi Vikas Yojana to be raised by 14%.

  1. i, iii, iv

  2. ii, iv

  3. i, ii, iii

  4. i, ii

Show answer
Correct Option: D
Explanation:

Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs. 6755 crore in the current year to Rs. 7860 crore.

Which of the following statements is correct as per the Union Budget 2011-2012?

  1. Approval being given to set up 25 more Mega Food Parks during 2011-12.

  2. Rs. 5,000 crore to be provided to SIDBI for refinancing incremental lending by banks to these enterprises.

  3. “Women's SHG's Development Fund” to be created with a corpus of Rs. 100 crore.

  4. Allocation for education increased by 30 per cent over the current year.

Show answer
Correct Option: B
Explanation:

Rs. 5,000 crore to be provided to SIDBI for refinancing incremental lending by banks to these enterprises.

Which of the following is correct about the proposed amount for the regional/departmental development as per the Union Budget 2011-12?

  1. Rs 10,000 crore to Northeast.

  2. Rs 100 crore for Ladakh.

  3. Rs 250 crore for Jammu.

  4. Rs 100 crore for improving judicial system.

Show answer
Correct Option: B
Explanation:

 Rs 100 crore for Ladakh.

As per the Union Budget 2011-2012, the govt proposed to increase the service tax on life insurance policies by 0.5 per cent. What is the new rate after the change?

  1. 1.03%

  2. 1%

  3. 1.5%

  4. 1.545%

Show answer
Correct Option: C
Explanation:

 The govt proposed to increase the service tax on life insurance policies to 1.5 per cent from 1 per cent.

Which of the following statement(s) is/are correct as per the Union Budget 2011-2012?

i. Eligibility for pension under Indira Gandhi National Old Age Pension Scheme for BPL beneficiaries reduced from 65 years of age to 60 years. ii. Servcie tax on hotel accomodation above Rs 1,500 per day. iii. AC hospitals with more than 25 beds under service tax. iv. Propose to raise service tax on air travel.

  1. i, ii

  2. i, ii, iii

  3. i, ii, iii, iv

  4. ii, iii, iv

Show answer
Correct Option: C
Explanation:

 AC hospitals with more than 25 beds under service tax.

Which one of the following products will face increment in the price after the Union Budget 2011-2012 proposals?

  1. Mobile parts and accessories

  2. Notebooks and Exercise books

  3. Sanitary nakpins and diapers

  4. Incense sticks

Show answer
Correct Option: B
Explanation:

 According to the budgetary proposals, notebooks and exercise books, which were earlier exempted from excise duty, will now attract one per cent duty. Notebooks and Exercise books will face increment in the price after the Union Budget 2011-2012 proposals.

Which one is mismatch about the changes in the price of goods as per the Union Budget 2011-12?

  1. Television: No change in price

  2. Refrigerator: No change in price

  3. Desktop, monitor and computer accesories: No change in price

  4. Camera and camcorder: No change in price

Show answer
Correct Option: C
Explanation:

 As per the Union Budget 2011-12, on Desktop, monitor and computer accesories there is reduction in price.

Match about Sector-wise impect of the Union Budget 2011-2012:

Sector: Proposal: A. Oil Sector i. 10% Excise Duty B. Cigarrettes ii. Propose to raise service tax C. Air travel iii. No additional taxes D. Textiles iv. No tax changes

  1. (A, i), (B, ii), (C, iii), (D, iv)

  2. (A, ii), (B, i), (C, iii), (D, iv)

  3. (A, i), (B, ii), (C, iv), (D, iii)

  4. (A, iv), (B, iii), (C, ii), (D, i)

Show answer
Correct Option: D
Explanation:

 10% excise duty on branded garments.

How much excise duty will impose on notebooks and exercise books, according to the budgetary (the UnionBudget 2011-2012) proposals?

  1. Exempt

  2. 1%

  3. 10%

  4. 4%

Show answer
Correct Option: B
Explanation:

 According to the budgetary proposals, notebooks and exercise books, which were earlier exempted from excise duty, will now attract one per cent duty.

According to the Union Budget 2011-2012 estimations, match the Government's spending share with the application of revenue:

Application of Revenue: Share (in paise out of every rupee): A. The central plan i. 22 paise B. Interest payment ii. 18 paise C. Non-plan expenditure iii. 11 paise D. Subsidy iv. 9 paise

  1. i, ii, iii, iv

  2. iv, ii, iii, i

  3. i, iii, ii, iv

  4. iv, iii, ii, i

Show answer
Correct Option: A
Explanation:

 The central plan will account for 22 paise of every rupee spent.

Which one of the following proposals is incorrect about change in the salary earners as per the Union Budget 2011-2012?

  1. Salary earners having an income of less than Rs. 5 lakh will not have to file tax returns.

  2. The exemption from filing tax returns come into effect from the assessment year 2012-13.

  3. In case such a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction.

  4. The Form 16 issued to salaried employees will be treated as Income Tax Return.

Show answer
Correct Option: B
Explanation:

 The exemption from filing tax returns come into effect from the assessment year 2011-12.

Which number of budget presented by the Government on 28th Feb, 2011?

  1. 77th

  2. 78th

  3. 79th

  4. 80th

Show answer
Correct Option: D
Explanation:

 The 80th budget presented by the Government on 28th Feb, 2011.

According to the Union Budget 2011-2012 estimations, match the Government Revenue share with the sources of revenue: Sources of Revenue: Share (in paise out of every rupee):

A. Collections from Corporate Tax i. 6 paise B. Income Tax Collection ii. 11 paise C. Indirect Tax Collection (except Excise Duty) iii. 24 paise D. Borrowings iv. 27 paise

  1. iii, ii, i, iv

  2. i, ii, ii, iv

  3. iii, i, ii, iv

  4. ii, iii, i, iv

Show answer
Correct Option: A
Explanation:

 Collections from corporate tax are estimated to be 24 paise in FY'12.

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