TAX SURCHARGE MAY BE DONE AWAY WITH

The Finance Ministry is unlikely to cut the basic corporate and income-tax rates in Budget 2007. It will, however, consider doing away with the 10% surcharge on companies and a section of individual
taxpayers.
The main point under consideration are: -

• Peak income-tax and corporate tax rates stand at 30%
• 10% surcharge applicable to those with income above Rs. 10 lakh
• 2% education cess and fuel cess unlikely to be removed