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`1% additional education cess should be shown separately'
March, 03rd 2007

The Advisor to the Finance Minister, Dr Parthasarthi Shome, clarified on Friday that corporates would have to reflect two per cent and one per cent collection of education cess in their books of accounts under two separate heads, which has been introduced in Budget proposals for 2007-08.

While speaking at a post Budget interactive session, organised by Assocham, Dr Shome also said that while the earlier two per cent education cess would be exclusively used for spread of primary education, the additional one per cent would be used for secondary and higher education.

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