Budget: Education cess raised to 3 per cent

New Delhi, Feb 28: In the Budget 2007-08, an additional cess of one per cent on all direct taxes has been levied to fund secondary and higher education. The present 2 per cent education cess to fund basic education will also remain.

Surcharge on income tax on all firms and companies with a taxable income of Rs one crore or less has been removed. This will benefit about 12 lakh firms and companies.

UNI