What percentage change was proposed in the rate of personal income tax as announced in the budget 2015-16?

a. 1%

b. 0.5%

c. 2.5%

d. No Change

ANSWER: No Change

Explanation:

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.