India hikes taxes on the wealthy, finance minister claims only 42,800 to be affected

1 March 2013 | 1 minute read

Hot on the heels of India’s budget review, the nation’s finance minister, Palaniappan Chidambaram, has announced the decision to include a tax surcharge on residents earning more than Rs 1 crore (US$183,200) per year. Though the surcharge, set at 10% and applicable for the year 2013, is undoubtedly significant, Chidambaram said that only 42,800 of the country’s 1.2 billion persons…

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