Budget 2017 Quiz: Taxation Reforms

Union Finance Minister Arun Jaitley presented the Budget 2017-18 in the Lok Sabha. To revive the economy and protect the Indian industry from the external shocks, Jaitley announced many new initiatives. Against this backdrop, we present you with Budget 2017 Quiz for Taxation Reform Sector.

1. How much tax rate will be imposed on the Income earned up to Rs 3 lakh as per the Union Budget 2017?
a) 0 per cent
b) 2 per cent
c) 5 per cent
d) 7 per cent

2. How much tax rate will be imposed on the Income earned from Rs 5 lakh to Rs 10 lakh as per the Union Budget 2017?
a) 5 per cent
b) 10 per cent
c) 20 per cent
d) 30 per cent

3. How much surcharge will be imposed on the Income earned between Rs 50 lakh to Rs 1 crore as per the Union Budget 2017?
a) 2 per cent
b) 5 per cent
c) 10 per cent
d) 15 per cent

4. As per the Union Budget 2017, if the Income earned is above Rs 1 crore, then it will fetch what per cent of surcharge?
a) 5 per cent
b) 10 per cent
c) 15 per cent
d) 20 per cent

5. What will be the new holding period for long-term capital gains for immobile assets as per the Union Budget 2017?
a) 1 year
b) 2 years
c) 3 years
d) 4 years

6. The Union Budget 2017 stated that there will be a single one-page form for filing IT returns for taxable income up to what amount?
a) Rs 2 lakh
b) Rs 5 lakh
c) Rs 10 lakh
d) Rs 15 lakh

7. As per the Union Budget 2017, maximum what amount of cash donation can a political party receive?
a) Rs 2000
b) Rs 8000
c) Rs 16000
d) Rs 20000

8. What is the time period of revising the Income Tax Returns as per the Union Budget 2017?
a) 3 months
b) 6 months
c) 9 months
d) 12 months

9. As  per the Union Budget 2017, how much tax rate will be imposed on the small and medium-sized companies that have an annual turnover of up to Rs 50 crore?
a) 15 per cent
b) 20 per cent
c) 25 per cent
d) 30 per cent

10. In order to give a boost to banking sector, the Union Budget 2017 proposes how much provision for Non-Performing Asset?
a) 5.5 per cent
b) 6.5 per cent
c) 7.5 per cent
d) 8.5 per cent

ANSWERS
1. (a) 0 per cent
2. (c) 20 per cent
3. (c) 10 per cent
4. (c) 15 per cent
5. (b) 2 years
6. (b) Rs 5 lakh
7. (a) Rs 2000
8. (d) 12 months
9. (c) 25 per cent
10. (d) 8.5 per cent