Wealth Tax abolished with CESS in budget 2015-2016
Q. What type of tax has been abolished with a CESS in this budget 2015-16?- Published on 20 Jul 15
a. Entertainment Tax
b. Income Tax
c. Transaction Tax
d. Wealth Tax
ANSWER: Wealth Tax
Wealth tax has been replaced with a 2% cess on super rich individuals. When tax is applied to a particular purpose, it is called CESS.