Current Affairs Questions on the Union Budget 2022-23

Today, Union Finance Minister, Nirmala Sitharaman has presented the Union Budget 2022 for the 4th time in a row in Lok Sabha. With this, it’s time to analyse the Questions from Union Budget that are being asked in the General/Economy/Financial awareness section of almost all the examinations from the past years. Keeping in mind the important highlights of the Union budget 2022-23, Adda247 has prepared a budget based current affairs quiz. So get cracking.

Q1. According to which article of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement?
(a) Article 108
(b) Article 101
(c) Article 115
(d) Article 113
(e) Article 112

Q2. Finance Minister Nirmala Sitharaman, while presenting the Budget, said that the country is expected to grow at ______ per cent.
(a) 5.27
(b) 6.27
(c) 7.27
(d) 9.27
(e) 8.27

Q3. How many new-generation Vande Bharat trains with higher efficiency and better facilities for passengers will be developed in the next 3 years?
(a) 100
(b) 250
(c) 400
(d) 350
(e) 500

Q4. How many post offices will come on the core banking system?
(a) 1.2 lakh
(b) 1.3 lakh
(c) 1.4 lakh
(d) 1.5 lakh
(e) 1.6 lakh

Q5. Income from transfer of digital assets (Cryptocurrency) to be charged _____ tax, plus 1% tax on the transaction.
(a) 25%
(b) 30%
(c) 15%
(d) 12%
(e) 05%

Q6. What is the Fiscal Deficit target set for FY23?
(a) 6.1%
(b) 6.2%
(c) 6.3%
(d) 6.4%
(e) 6.5%

Q7. The surcharge on cooperative societies to be reduced from 12% to ____, for those whose income is between Rs 1 crore and Rs 10 crore.
(a) 3%
(b) 4%
(c) 5%
(d) 6%
(e) 7%

Q8. Nirmala Sitharaman announced a new tax rule for taxpayers where a taxpayer can file an updated return on payment of taxes within?
(a) 1 year
(b) 2 years
(c) 3 years
(d) 4 years
(e) 5 years

Q9. Nirmala Sitharaman is presenting the Union Budget for the how many time in a row.
(a) 1
(b) 2
(c) 3
(d) 4
(e) 5

Q10. One class, one TV channel’ program of _______ will be expanded from 12 to 200 TV channels.
(a) PM eVIDYA
(b) PM ePADHSHALA
(c) PM eGURU
(d) PM eSARASWATI
(e) PM eBOOK

Q11. What are the GST collections for the month of January 2022?
(a) Rs 1,10,986 crore
(b) Rs 1,20,986 crore
(c) Rs 1,30,986 crore
(d) Rs 1,40,986 crore
(e) Rs 1,50,986 crore

Q12. Production Linked Incentive schemes in 14 sectors with the potential to create how many new jobs?
(a) 60 lakh
(b) 50 lakh
(c) 40 lakh
(d) 30 lakh
(e) 20 lakh

Q13. Defence R&D will be opened up for industry, startups and academia with ______ of the defence R&D budget.
(a) 15%
(b) 25%
(c) 35%
(d) 45%
(e) 55%

Q14. Finance Minister announced a reduction of surcharge on unlisted shares from 28.5 per cent to ________.
(a) 22 per cent
(b) 12 per cent
(c) 28 per cent
(d) 23 per cent
(e) 15 per cent

Q15. In 2022-23, ________ houses will be completed for identified beneficiaries of PM Awas Yojana.
(a) 60 lakh
(b) 70 lakh
(c) 80 lakh
(d) 90 lakh
(e) 01 Crore

Q16. When was the first Budget of Independent India introduced?
(a) 1860
(b) 1948
(c) 1945
(d) 1946
(e) 1947

Q17. Who holds the record for delivering the longest Budget speech in India?
(a) Nirmala Sitharaman
(b) Arun Jaitley
(c) Indira Gandhi
(d) Jawaharlal Nehru
(e) ManMohan Singh

Q18. Deduction for employer contribution to NPS increased to _____ from 10% earlier for State govt employees on par with central govt employees
(a) 10%
(b) 11%
(c) 12%
(d) 13%
(e) 14%

Q19. How many focus areas of Budget are presented in Union Budget 2022-23?
(a) 7
(b) 6
(c) 5
(d) 4
(e) 3

Q20. How many digital banking systems will be set up in 75 districts by scheduled commercial banks?
(a) 25
(b) 50
(c) 75
(d) 100
(e) 125

Solutions

S1. Ans.(e)
Sol. According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).

S2. Ans.(d)
Sol. Finance Minister Nirmala Sitharaman, while presenting the Budget, said that the country is expected to grow at 9.27 per cent.

S3. Ans.(c)
Sol. 400 new-generation Vande Bharat trains with higher efficiency and better facilities for passengers will be developed in the next three years.

S4. Ans.(d)
Sol. 100% of 1.5 lakh post offices will come on the core banking system, enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also providing online transfer of funds between post office accounts and bank accounts.

S5. Ans.(b)
Sol. Income from transfer of digital assets (Cryptocurrency) to be charged 30% tax, plus 1% tax on the transaction.

S6. Ans.(d)
Sol. Union Budget 2022: FY23 fiscal deficit targeted at 6.4 per cent of GDP.

S7. Ans.(e)
Sol. The proposal will reduce the surcharge on cooperative societies to be reduced from 12% to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.

S8. Ans.(b)
Sol. Nirmala Sitharaman announced a new tax rule for taxpayers where a taxpayer can file an updated return on payment of taxes within two years from the end of the relevant assessment year.

S9. Ans.(d)
Sol. Union Finance Minister, Nirmala Sitharaman is presenting the Union Budget 2022 for the 4th time in a row.

S10. Ans.(a)
Sol. One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12.

S11. Ans.(d)
Sol. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore —the highest since the inception of the tax.

S12. Ans.(a)
Sol. Production Linked Incentive schemes in 14 sectors with the potential to create 60 lakh new jobs, and the additional new production of Rs 30 lakh crore.

S13. Ans.(b)
Sol. Defense R&D will be opened up for industry, startups and academia with 25% of the defence R&D budget.

S14. Ans.(d)
Sol. Finance Minister announced a reduction of surcharge on unlisted shares from 28.5 per cent to 23 per cent.

S15. Ans.(c)
Sol. In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana. 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas.

S16. Ans.(e)
Sol. The first Budget of Independent India was presented in 1947 by the then Finance Minister R K Shanmukham Chetty.

S17. Ans.(a)
Sol. Nirmala Sitharaman holds the record for delivering the longest Budget speech in India. While presenting the Union Budget 2020-21, she spoke for 2 hours and 42 minutes, breaking her previous record of July 2019 speech (2 hours 17 minutes).

S18. Ans.(e)
Sol. Deduction for employer contribution to NPS increased to 14% from 10% earlier for State govt employees on par with central govt employees.

S19. Ans.(a)
Sol. 7 focus areas: PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action and Financing of investments.

S20. Ans.(c)
Sol. Govt continuously encouraging digital banking. Taking forward, 75 digital banking units will be set up in 75 districts.

Union Budget 2022-23 HIGHLIGHTS | Budget 2022 Current Affairs

You may also like to read:

• Current Affairs & Daily GK Updates 2022
• Latest GK and Current Affairs Questions With Answers For All Bank Exam