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

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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