GK Questions and Answers on Union Budget 2020-21
1. What is the largest item of expenditure(in terms of percentage) in the Union Budget 2020-21?
(b)State’s share of taxes and duties
(c) Defence Expenditure
(d)None of the above
Explanation: The largest item of expenditure in the Union Budget 2020-21 is ‘State’s share of taxes and duties’. This item accounts to 20% share of the total expenditure of the Central Government.
2. What is the biggest source of Income for the Central Government in the Union Budget 2020-21?
(a)Goods and Services Tax
(d) Borrowings and other liabilities
Explanation: Borrowings and other liabilities account for 20% of the total income of the Central Government. Borrowings and other liabilities are considered as the income of the Central Government although it is liabilities on the Central Government.
3. Which of the following is not the rate of tax slab in the Union Budget 2020-21?
Explanation: The Finance Minister of India has introduced two new rates of income tax. These new rates are 15% and 25%. But the tax rate of 40% is not added into the new Union Budget 2020-21.
4. What is the disinvestment target for 2020-21?
(a)Rs 1,73,000 crore
(b)Rs 2,10,000 crore
(c)Rs 65,000 crore
(d) Rs 1,05,000 core
Explanation: The disinvestment target for the financial year 2020-21 is Rs 2,10,000 crore. This target is 223% higher than the revised estimate of Rs 65,000 crore in 2019-20.
5.Which of the following statement is/are correct about the Union Budget 2020-21.
(a)Budget estimates for defence sector is Rs 3,23,053 cr
(b)Budget estimates for Fertilizer subsidy is Rs115570 cr
(c) 100 more airports would be developed by 2024
(d) National Recruitment Agency will be set up as an independent agency
Explanation: Budget estimates for Fertilizer subsidy is Rs 71309 cr while the food subsidy is Rs 115570 cr.
6. What was the theme of the Union Budget 2020-21?
(a)Har Nagrik Jeetega
(b)Ease of Living
(c)Ude Desh ka Aam Nagrik
(d)Sabka Sath, Sabka Vikas aur Sabka Vishwas
Explanation: The Union budget 2020-21 has been structured on the overall theme of ‘Ease of Living’.
7.Till when the government wants to eliminate the ‘Tuberculosis’?
Explanation: The Central government has launched the ‘TB Hrega Desh Jeetega’ campaign to end the ‘Tuberculosis’ by 2025.
8.The Union Budget 2020-21 aims:-
I. To achieve seamless delivery through digital governance
II. To improve the physical quality of life through national infrastructure pipeline
(a) Only I
(c) Only II
(d)Neither I or II
Explanation: The Central Government has released a report of the task force on the National Infrastructure Pipeline for 2019-2025. This pipeline aims for ease of living by providing access to clean and affordable energy, safe drinking water, health care for all, bus terminals, airports, modern railway stations, and world-class educational institutes.
9. Vivad se Vishwas scheme is related to…
(c)Both Direct and Indirect
(d)Neither Direct nor Indirect
Explanation: The ‘Vivad se Vishwas’ Scheme was announced in the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. This scheme is related to direct tax. The motive of Vivad se Vishwas scheme is to reduce pending income tax litigation.
10. As per the Union Budget, 2020-21, what is the highest rate of Direct Tax in India?
Explanation: As per Union Budget, 2020-21, there are 6 tax rates (5,10,15,20,25,30) in the India. The highest rate of income tax is 30% in India.