Union Budget 2016 Quiz 5

Dear Aspirants,
Welcome to Union Budget 2016 Quiz in AffairsCloud.com. Here we are creating quiz covering important news in Union Budget 2016, which is common for all the IBPS exams and other competitive exams.

1. According to Union Budget 2016-2017, which of the following will be set setup by the Finmin?
   A. Financial Data Management Centre
   B. Financial Data Monitoring Centre
   C. Financial Data Monitoring Campaign
   D. Financial Data Management Campaign
   

   Answer

   A. Financial Data Management Centre
   
   
2. Automation facilities will be provided in 3 lakh fair price shops by ________
   A. May 2017
   B. April 2017
   C. March 2017
   D. June 2017
   

   Answer

   C. March 2017
   
   
3. The rate of ‘Clean Environment Cess’ increased from Rs. 200 per tonne to ________
   A. Rs. 300 per tonne.
   B. Rs. 350 per tonne.
   C. Rs. 250 per tonne.
   D. Rs. 400 per tonne.
   

   Answer

   D. Rs. 400 per tonne.
   
   
4. Monetary limit for deciding an appeal by a single member Bench of Income Tax Appellate Tribunal (ITAT) enhanced from Rs. 15 lakhs to _________
   A. Rs. 30 lakhs
   B. Rs. 35 lakhs
   C. Rs. 25 lakhs
   D. Rs. 50 lakhs
   

   Answer

   D. Rs. 50 lakhs
   
   
5. Securities Transaction tax in case of ‘Options’ is proposed to be increased from .017% to _________
   A. .04%
   B. .05%
   C. .06%
   D. .07%
   

   Answer

   B. .05%
   
   
6. Equalization levy of ________ per cent of gross amount for payment made to non-residents exceeding Rs.1 lakh a year in case of B2B transactions.
   A. 4%
   B. 5%
   C. 6%
   D. 7%
   

   Answer

   C. 6%
   
   
7. Tax to be deducted at source at the rate of 1 % on purchase of luxury cars exceeding value of_______
   A. Rs. 10 lakhs
   B. Rs. 8.5 lakhs
   C. Rs. 9.8 lakhs
   D. Rs. 9.5 lakhs
   

   Answer

   A. Rs. 10 lakhs
   
   
8. Exemption from service tax on construction of affordable houses up to _________ under any scheme of the Central or State Government including PPP Schemes.
   A. 80 square metre
   B. 70 square metre
   C. 90 square metre
   D. 60 square metre
   

   Answer

   D. 60 square metre
   
   
9. As per the Union Budget 2016-17, the central government will introduce Direct Benefit Transfer(DBT) on pilot basis for ________
   A. Geological Materials
   B. Fertilizer.
   C. Medicine
   D. None of the Above
   

   Answer

   B. Fertilizer.
   
   
10. The government will set up the committee to review the implementation of the ______
    A. FRBM Act
    B. Regional Rurals Act
    C. Banking laws Act
    D. None of the Above
    

    Answer

    A. FRBM Act
    
    

Click Here to read Union Budget 2016-17 Quiz – Set 1