No change in personal income tax: Union Budget 2015-2016

Q.  What percentage change was proposed in the rate of personal income tax as announced in the budget 2015-16?
- Published on 20 Jul 15

a. 1%
b. 0.5%
c. 2.5%
d. No Change

ANSWER: No Change
 
However government proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding Rs 1 Crore.

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