ICICI Bank Ltd Interview Question:

What type of tax has been abolished with a CESS in this budget 2015-16?

a. Entertainment Tax
b. Income Tax
c. Transaction Tax
d. Wealth Tax

Submitted by: Muhammad

Wealth Tax
Explanation:
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.
Submitted by: Muhammad