Question : As announced in the Union Budget of Financial Year 2022, corporate surcharge was reduced from 12% to ______.
Option 1: 7%
Option 2: 8%
Option 3: 1%
Option 4: 9%
Correct Answer: 7%
Solution : The correct answer is 7%.
Union Finance Minister Nirmala Sitharaman recently presented Budget 2022 and announced that the government will reduce the corporate surcharge from 12% to 7%. Sitharaman suggested during the budget presentation raising the tax deduction cap for federal and state government employees from 10% to 14% to support state government social security benefits and level the playing field with federal government benefits.
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