Q1 According to the Union Budget 2026-27 presented by the Finance Minister, what is the estimated Fiscal Deficit target for the financial year 2026-27 as a percentage of GDP? Q2 The Union Budget 2026-27 announced the implementation of a comprehensive new legislation to replace the existing Income Tax Act, 1961. On which date will the "New Income Tax Act" formally come into effect? Q3 The Budget 2026-27 proposed the establishment of "Rare Earth Corridors" to support strategic mineral availability. Which of the following states was NOT explicitly mentioned as a beneficiary of this specific corridor scheme? Q4 Consider the following statements regarding the Capital Expenditure (Capex) and Debt estimates in the Union Budget 2026-27. Which of the following is or are INCORRECT? Q5 With reference to the Securities Transaction Tax (STT) changes proposed in the Union Budget 2026-27, which of the following statements is or are correct? Q6 The Budget 2026-27 allocated Rupees 20,000 Crore for a specific "Green Growth" intervention targeting high-emission industries. Which sectors are the primary targets of this Carbon Capture, Utilization, and Storage (CCUS) outlay? Q7 Consider the following regarding the SME Growth Fund announced in Budget 2026-27: Q8 Scenario: A Central Public Sector Enterprise (CPSE) is procuring goods worth Rupees 50 Lakh from a registered Micro Enterprise. Under the new mandatory provisions announced in Budget 2026-27 to ensure timely payments, which platform must the CPSE utilize for the transaction settlement? Q9 In the Union Budget 2026-27, the limit for Standard Deduction for salaried employees under the New Income Tax Regime has been increased to which amount? Q10 The Budget 2026-27 announced an extension of the "Sunset Clause" for concessional corporate tax (15%) for new manufacturing units under Section 115BAB. What is the new deadline for commencing manufacturing to avail this benefit? Q11 To promote domestic value addition in the electronics sector, the Budget 2026-27 proposed reducing Basic Customs Duty (BCD) on several mobile phone components. Which of the following items did NOT receive a duty reduction in this specific proposal? Q12 With reference to the "New Income Tax Act" simplified capital gains structure announced in Budget 2026-27, consider the following statements: Q13 Regarding the rationalization of TDS (Tax Deducted at Source) norms in Budget 2026-27, which of the following sectors saw a reduction in the TDS rate for e-commerce operators to improve working capital flow for small sellers? Q14 Consider the following regarding the Goods and Services Tax (GST) Compensation Cess: Q15 Identify the correct statement regarding the "Angel Tax" provisions in the Union Budget 2026-27. Q16 Scenario: Mr. Sharma, a senior citizen (aged 65), has a total income of Rupees 6,00,000 comprising only of pension and interest income. He did not file any form to opt out of the default tax regime. What is his tax liability for Assessment Year 2027-28? Q17 The Union Budget 2026-27 has increased the Capital Expenditure (Capex) outlay for infrastructure development to what amount? Q18 To reduce logistics costs and dependency on foreign shipping gear, the Budget 2026-27 announced a new "Container Manufacturing Scheme." What is the total financial outlay allocated for this scheme over a 5-year period? Q19 The Finance Minister announced the development of seven new High-Speed Rail Corridors to function as "growth connectors." Which of the following routes was NOT included in this specific announcement? Q20 Regarding the Defence Budget allocations for 2026-27, which of the following statements is or are INCORRECT? Q21 With reference to the Railways Budget 2026-27, consider the following statements: Q22 A domestic airline company imports raw materials to manufacture aircraft parts for its in-house Maintenance, Repair, and Overhaul (MRO) unit. Following the Budget 2026-27, how will this import be treated by Customs? Q23 Consider the following regarding the National Green Hydrogen Mission in Budget 2026-27: Q24 Scenario: Under the "Coastal Cargo Promotion Scheme" announced in Budget 2026-27, a logistics company plans to shift its cement transport from road to coastal shipping. What is the government's stated long-term quantitative target for coastal shipping's share in the modal mix by 2047? Q25 In a major boost to entrepreneurship, the Union Budget 2026-27 announced the enhancement of the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) for the 'Tarun Plus' category. What is the new maximum loan limit? Q26 The Budget 2026-27 announced amendments to the Banking Regulation Act, 1949 regarding "Unclaimed Deposits." The "DEAF Scheme" mentioned in this context refers to which fund maintained by the RBI? Q27 To develop GIFT City (IFSCA) as a "Global Finance Hub," the Budget 2026-27 delegated several powers to the IFSCA. Which of the following powers was NOT delegated to IFSCA in this specific budget? Q28 With reference to the Digital Rupee (e-Rupee) announcements in Budget 2026-27, consider the following statements: Q29 Regarding the "Green Deposits" framework for Banks and NBFCs mentioned in the Budget Strategy 2026-27, which of the following is or are INCORRECT? Q30 A foreign university wishes to set up a campus in India free from domestic UGC regulations to offer courses in Financial Management and Fintech. Under the Budget 2026-27 "International Education" provisions, where can they set up this campus to avail full regulatory exemption? Q31 Consider the following regarding the Sovereign Gold Bond (SGB) Scheme in 2026-27: Q32 Scenario: 'FinTech X', a payment aggregator, has been facilitating cross-border payments for freelance workers. The Budget 2026-27 introduces a new "Net-Settle" reporting norm. To whom must FinTech X now report these high-value cross-border transactions directly to prevent money laundering? Q33 The Union Budget 2026-27 reaffirmed the government's commitment to women-led development by setting the final target for the "Lakhpati Didi" scheme. What is the enhanced target for the number of women to be empowered under this initiative? Q34 The Anusandhan National Research Foundation (ANRF) was operationalized to boost private sector research. The Budget 2026-27 highlighted the "RDI Fund" under ANRF. What is the total corpus of this specific fund designed to provide long-term financing? Q35 The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) was expanded to cover all senior citizens aged 70 years and above. Which of the following statements regarding this specific expansion is NOT correct? Q36 Regarding the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN) allocations in Budget 2026-27, which of the following statements is or are INCORRECT? Q37 With reference to the Pradhan Mantri Awas Yojana (PMAY-Rural) targets mentioned in the Budget 2026-27, consider the following statements: Q38 Scenario: Mr. Das (aged 72) and Mrs. Das (aged 68) belong to a family already covered under the standard Ayushman Bharat PM-JAY scheme. Following the 2026 guidelines, how is the health cover structured for them? Q39 Consider the following regarding the PM-SHRI (PM Schools for Rising India) scheme in Budget 2026-27: Q40 Scenario: A rural artisan specializing in traditional carpentry wants to upgrade his tools and access collateral-free credit. He applies for the "PM Vishwakarma" scheme. Under the 2026 provisions, which of the following benefits is he eligible for immediately after basic training? Q41 Ending the long delay, the Union Budget 2026-27 allocated Rupees 6,000 Crore for the "Census 2027". According to the announcement, what is the Reference Date for the population count in most of the country, excluding snow-bound areas? Q42 The Budget 2026-27 is the first Union Budget to incorporate the recommendations of the 16th Finance Commission. Who is the Chairman of this Commission, whose award period covers the years 2026 to 2031? Q43 Under the "Purvodaya 2.0" initiative for the Eastern Region, the Finance Minister proposed a new "East Coast Industrial Corridor." The specific industrial node mentioned for this corridor is located in which city? Q44 Regarding the "Prime Minister’s Internship Scheme" (Phase 2) funded in Budget 2026-27, which of the following statements is or are INCORRECT? Q45 With reference to the Constitutional provisions for the Budget, consider the following statements: Q46 Scenario: The Finance Minister mentions in the speech that the "Revenue Deficit" has been brought down to Q47 Consider the following regarding the Disinvestment targets in recent budgets: Q48 Scenario: A start-up in the Space Sector (SpaceTech) is looking for funding. The Budget 2026-27 mentions a specific Venture Capital Fund of Rupees 1,000 Crore. Under whose aegis is this fund operationalized? Q49 The Union Budget 2026-27 emphasizes the completion of the "Agri-Stack" Digital Public Infrastructure. Consider the following statements regarding its three core foundational registries: Q50 The Deep Ocean Mission received a specific allocation in Budget 2026-27. Which of the following pairs matches the mission component with its correct description?