(1.) What is the targeted Fiscal Deficit as a percentage of GDP for FY 2026–27 in Union Budget 2026–27?

(a.) 4.1%

(b.) 4.3%

(c.) 4.5%

(d.) 4.8%

(2.) Which newly constructed building served as the preparation site for Union Budget 2026–27 for the first time?

(a.) North Block

(b.) Kartavya Bhawan

(c.) Vani Bhawan

(d.) Sardar Patel Bhawan

(3.) Until which year has the tax holiday been extended for foreign cloud service providers utilizing Indian data centre infrastructure under Union Budget 2026–27?

(a.) 2035

(b.) 2040

(c.) 2047

(d.) 2050

(4.) Which institution will lead the establishment of AVGC Content Creator Labs in 15,000 secondary schools and 500 colleges as announced in Union Budget 2026–27?

(a.) IIT Bombay

(b.) NIFT New Delhi

(c.) Indian Institute of Creative Technologies (IICT), Mumbai

(d.) FTII Pune

(5.) What is the total financial outlay allocated for the Biopharma SHAKTI scheme announced in Budget 2026–27?

(a.) Rs 5,000 crore

(b.) Rs 10,000 crore

(c.) Rs 15,000 crore

(d.) Rs 20,000 crore

(6.) Under Union Budget 2026–27, the outlay for the Electronics Component Manufacturing Scheme has been enhanced from Rs 22,919 crore to which amount?

(a.) Rs 30,000 crore

(b.) Rs 35,000 crore

(c.) Rs 40,000 crore

(d.) Rs 50,000 crore

(7.) Which four coastal states will feature the Dedicated Rare Earth Corridors announced in Union Budget 2026–27?

(a.) Gujarat, Maharashtra, Goa, Karnataka

(b.) Odisha, Kerala, Andhra Pradesh, Tamil Nadu

(c.) West Bengal, Odisha, Andhra Pradesh, Kerala

(d.) Tamil Nadu, Kerala, Karnataka, Maharashtra

(8.) What is the revised Tax Collected at Source (TCS) rate proposed for overseas tour packages under Liberalised Remittance Scheme (LRS) in Budget 2026–27?

(a.) 1%

(b.) 2%

(c.) 5%

(d.) 10%

(9.) What is the target Revenue Deficit as a percentage of GDP in Union Budget 2026–27?

(a.) 1.2%

(b.) 1.5%

(c.) 1.8%

(d.) 2.1%

(10.) How many legacy industrial clusters are targeted for revival under the dedicated scheme announced in Budget 2026–27?

(a.) 100

(b.) 150

(c.) 200

(d.) 250

(11.) What safe harbour margin on cost is proposed for related Indian data centre entities supporting foreign cloud service providers receiving tax holiday?

(a.) 10%

(b.) 12%

(c.) 15%

(d.) 18%

(12.) The Union Budget 2026–27 framework is organized around how many core Kartavyas (Duties)?

(a.) 2

(b.) 3

(c.) 4

(d.) 5

(13.) What is the estimated total expenditure for FY 2026–27 as per Budget Estimates presented on 01 February 2026?

(a.) Rs 48.2 lakh crore

(b.) Rs 51.1 lakh crore

(c.) Rs 53.5 lakh crore

(d.) Rs 56.0 lakh crore

(14.) What allocation has been made for India Semiconductor Mission 2.0 (ISM 2.0) in FY 2026–27?

(a.) Rs 500 crore

(b.) Rs 1,000 crore

(c.) Rs 2,500 crore

(d.) Rs 5,000 crore

(15.) Basic Customs Duty (BCD) has been fully exempted on how many life-saving medicines/drugs in Budget 2026–27?

(a.) 10

(b.) 12

(c.) 15

(d.) 17

(16.) The general tariff rate on goods imported for personal use has been reduced from 20% to what level in Budget 2026–27?

(a.) 5%

(b.) 8%

(c.) 10%

(d.) 12%

(17.) What is the central government target for outstanding central liabilities (Debt-to-GDP ratio) by March 2031?

(a.) Around 40%

(b.) Around 45%

(c.) Around 50%

(d.) Around 55%

(18.) What amount has been allocated over 5 years for Carbon Capture, Utilisation and Storage (CCUS) in Budget 2026–27?

(a.) Rs 10,000 crore

(b.) Rs 15,000 crore

(c.) Rs 20,000 crore

(d.) Rs 25,000 crore

(19.) When will the New Income Tax Act, 2025 come into effect as announced in Union Budget 2026–27?

(a.) March 2026

(b.) April 2026

(c.) July 2026

(d.) October 2026

(20.) Under Budget 2026–27, what is the duration of the one-time foreign asset disclosure window provided to small taxpayers like students and NRIs?

(a.) 3 months

(b.) 6 months

(c.) 9 months

(d.) 12 months

(21.) As per Budget Estimates 2026–27, what are the Centre's estimated net tax receipts?

(a.) Rs 22.4 lakh crore

(b.) Rs 25.1 lakh crore

(c.) Rs 28.7 lakh crore

(d.) Rs 31.2 lakh crore

(22.) What is the Securities Transaction Tax (STT) rate proposed on Futures contract transactions in Budget 2026–27?

(a.) 0.02%

(b.) 0.03%

(c.) 0.05%

(d.) 0.10%

(23.) Which term described in Budget 2026–27 refers to the economic sector driven by creative industries, culture, visual arts, and gaming?

(a.) Green Economy

(b.) Purple Economy

(c.) Orange Economy

(d.) Silver Economy

(24.) What is the gross market borrowing target estimated in dated securities for FY 2026–27?

(a.) Rs 14.5 lakh crore

(b.) Rs 15.8 lakh crore

(c.) Rs 17.2 lakh crore

(d.) Rs 19.0 lakh crore

(25.) In the context of the Biopharma SHAKTI scheme, what does the letter 'S' in SHAKTI stand for?

(a.) Strategy

(b.) System

(c.) Scheme

(d.) Sustainability

(26.) Duty-free personal import of medicines and special food has been extended to how many additional rare diseases in Budget 2026–27?

(a.) 3

(b.) 5

(c.) 7

(d.) 10

(27.) What nominal GDP growth rate has been assumed by the government for calculations in FY 2026–27?

(a.) 8.5%

(b.) 9.2%

(c.) 10.0%

(d.) 10.5%

(28.) What is the revised tax treatment for share buybacks for corporate promoters proposed in Finance Bill 2026?

(a.) Treated as Dividend Tax at 15%

(b.) Treated as Capital Gains with effective promoter tax rate of 22%

(c.) Exempted from tax up to Rs 1 crore

(d.) Flat Tax rate of 10% on gross proceeds

(29.) What is the total estimated transfer of funds from Centre to States (including tax devolution and grants) for FY 2026–27?

(a.) Rs 20.10 lakh crore

(b.) Rs 22.40 lakh crore

(c.) Rs 26.20 lakh crore

(d.) Rs 28.50 lakh crore

(30.) The TCS on sale of tendu leaves has been reduced from 5% to what percentage in Budget 2026–27?

(a.) 1%

(b.) 2%

(c.) 3%

(d.) 4%

(31.) How much capital expenditure loan has been earmarked for State governments in FY 2026–27?

(a.) Rs 1,20,000 crore

(b.) Rs 1,50,000 crore

(c.) Rs 1,85,000 crore

(d.) Rs 2,00,000 crore

(32.) According to projections presented in Budget 2026–27, how many skilled professionals will India's AVGC sector require by 2030?

(a.) 500,000

(b.) 1,000,000

(c.) 2,000,000

(d.) 3,000,000

(33.) What is the pre-payment requirement percentage reduced to for filing appeals against tax demands under direct tax dispute proposals?

(a.) Reduced from 20% to 10%

(b.) Reduced from 30% to 15%

(c.) Reduced from 25% to 5%

(d.) Reduced from 15% to 5%

(34.) What is the estimated Debt-to-GDP ratio of the Central Government for FY 2026–27 (BE)?

(a.) 52.4%

(b.) 54.1%

(c.) 55.6%

(d.) 57.2%

(35.) Which tax rate applies to units in International Financial Services Centre (IFSC) after the completion of their tax holiday period as per Budget 2026–27?

(a.) 10%

(b.) 12%

(c.) 15%

(d.) 20%

(36.) The tax holiday duration for units in IFSC and Offshore Banking Units has been increased from 10 years to how many years in Budget 2026–27?

(a.) 12 years

(b.) 15 years

(c.) 20 years

(d.) 25 years

(37.) Under direct tax reforms, taxpayers can update their returns even after reassessment proceedings are initiated by paying an additional tax rate of:

(a.) 5%

(b.) 10%

(c.) 15%

(d.) 20%

(38.) What percentage of total Union Government expenditure in 2026–27 is accounted for by interest payments alone?

(a.) 18%

(b.) 22%

(c.) 26%

(d.) 30%

(39.) How many secondary schools will receive AVGC Content Creator Labs under the new IICT Mumbai initiative?

(a.) 5,000

(b.) 10,000

(c.) 15,000

(d.) 20,000

(40.) What is the net market borrowing target from dated securities for FY 2026–27 in Union Budget 2026–27?

(a.) Rs 9.5 lakh crore

(b.) Rs 11.7 lakh crore

(c.) Rs 13.2 lakh crore

(d.) Rs 14.8 lakh crore