Union Budget 2023 Most Important Questions: Union Budget 2023-24 was presented by Finance Minister. Let’s have a look at the most important questions from Union Budget that might be asked in your exams. Click here to join whatsapp/ telegram study group →
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Union Budget 2023 Most Important Questions
Q. Income limit for rebate of income tax has been increased from Rs.5 lakh to _________ in the new regime.
(a) Rs.7 lakh
(b) Rs.6 lakh
(c) Rs.7.5 lakh
(d) Rs.10 lakh
Answer: A
Q. Highest surcharge rate on income above Rs.5 crore to be reduced from 37% to _______ under new regime.
(a) 15%
(b) 35%
(c) 30%
(d) 25%
Answer: D
Q. Tax exemption limit has been increased to _____ on leave encashment on retirement for non-government salaried employees.
(a) Rs.15 lakh
(b) Rs.25 lakh
(c) Rs.30 lakh
(d) Rs.20 lakh
Answer: B
Q. TDS limit has been increased to _______ on cash withdrawal for co-operative societies.
(a) Rs.300 lakh
(b) Rs.250 lakh
(c) Rs.350 lakh
(d) Rs.200 lakh
Answer: A
Q. How much amount has been allocated to Ministry of Railways?
(a) Rs.1.41 lakh crore
(b) Rs.2.41 lakh crore
(c) Rs.3.41 lakh crore
(d) Rs.4.41 lakh crore
Answer: B
Q. How much amount has been allocated to Ministry of Rural Development?
(a) Rs.1.60 lakh crore
(b) Rs.2.50 lakh crore
(c) Rs.3.70 lakh crore
(d) Rs.4.10 lakh crore
Answer: A
Q. How much amount has been allocated for Jal Jeevan Mission 2023-24 (BE)?
(a) Rs.70,000 crore
(b) Rs.80,000 crore
(c) Rs.90,000 crore
(d) Rs.60,000 crore
Answer: A
Q. How much amount has been allocated for Pradhan Mantri Awas Yojana 2023-24 (BE)?
(a) Rs.69,090 crore
(b) Rs.80,000 crore
(c) Rs.95,000 crore
(d) Rs.79,590 crore
Answer: D
Q. What is the revenue expenditure for FY24 (BE)?
(a) Rs.30 lakh crore
(b) Rs.25 lakh crore
(c) Rs.32 lakh crore
(d) Rs.35 lakh crore
Answer: D
Q. What is the capital receipt for FY24 (BE)?
(a) Rs.18.7 lakh crore
(b) Rs.25.8 lakh crore
(c) Rs.14.9 lakh crore
(d) Rs.13.2 lakh crore
Answer: D
Q. Which of the following are the visions of Amrit Kaal?
1.Opportunities for citizens with focus on the youth
2.Growth and Job creation
3.Strong and Stable Macro-Economic Environment
(a) 1 & 2 Only
(b) 2 & 3 Only
(c) 1 & 3 Only
(d) 1,2 & 3
Answer: D
Q. Which of the following are the priorities of Saptarishi-7?
1.Green Growth
2.Financial Sector
3.Youth Power
(a) 1 & 2 Only
(b) 2 & 3 Only
(c) 1 & 3 Only
(d) 1,2 & 3
Answer: D
Q. Union Finance Minister, Nirmala Sitharaman presented the Union Budget 2023 for ________ time in a row.
(a) 10th
(b) 4th
(c) 3rd
(d) 5th
Answer: D
Q. The Budget 2023 focuses on _______ priorities, called the “Saptrishis guiding us through Amrit Kaal”.
(a) Fifth
(b) Sixth
(c) Seven
(d) Eighth
Answer: C
Q. When was the first Union Budget of India presented?
(a) 1947
(b) 1948
(c) 1949
(d) 1950
Answer: A
Q. The Union Budget is presented at what time?
(a) 9 AM
(b) 11 AM
(c) 12 PM
(d) 1 PM
Answer: B
Q. What is the current year’s economic growth estimated in the Union budget 2023?
(a) 4%
(b) 5%
(c) 6%
(d) 7%
Answer: D
Q. The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from?
(a) 05 lakh to 30 lakh
(b) 10 lakh to 30 lakh
(c) 15 lakh to 30 lakh
(d) 20 lakh to 30 lakh
Answer: C
Q. The outlay for Pradhan Mantri Awas Yojana is enhanced by 66% to over _______.
(a) ₹39,000 cr
(b) ₹79,000 cr
(c) ₹59,000 cr
(d) ₹69,000 cr
Answer: B
Q. What is the rate of tax for Income tax slab between the income of Rs 3 Lakh to Rs 6 Lakh for assessment year 2023-24?
(a) 5%
(b) 10%
(c) 15%
(d) 20%
Answer: A
Q. “Bharat SHRI” will be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage. What does “I” stand for SHRI?
(a) India
(b) Inter
(c) Inscriptions
(d) Industries
Answer: C
Q. The budget is presented at?
(a) Lok Sabha
(b) Rajya Sabha
(c) Krishi Bhawan
(d) North Bhawan
Answer: A
Q. What is the rate of tax for Income tax slab between the income of Rs 9 Lakh to Rs 12 Lakh for assessment year 2023-24?
(a) 5%
(b) 10%
(c) 15%
(d) 20%
Answer: C
Q. In which year, Finance Minister Nirmala Sitharaman replaced the Budget briefcase with the traditional ‘Bahi Khata’ having the National Emblem?
(a) 2019
(b) 2016
(c) 2015
(d) 2018
Answer: A
Q. The Centre has pegged the fiscal deficit _______ of GDP for FY24.
(a) 3.9 percent
(b) 4.9 percent
(c) 5.9 percent
(d) 5.8 percent
Answer: C
Q. How much budget has been allocated for National Green Hydrogen Mission to shift low-carbon economy and reduce reliance on fossil fuel?
(a) Rs 15,700 crore
(b) Rs 16,700 crore
(c) Rs 19,900 crore
(d) Rs 14,500 crore
Answer: C
Q. The defence budget has been increased to ________ crore for 2023-24 from last year’s allocation of ₹5.25 lakh crore.
(a) ₹5.94 lakh
(b) ₹5.90 lakh
(c) ₹5.66 lakh
(d) ₹5.70 lakh
(e) ₹5.75 lakh
Answer: A
Q. Which country first introduced budget?
(a) China
(b) England
(c) USA
(d) Russia
Answer: B
Q. According to which article of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement?
(a) Article 105
(b) Article 112
(c) Article 115
(d) Article 119
Answer: B
