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.

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