Union Budget Question and Answer for Competitive Exams

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) Which 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

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%

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?

Ans. 2019