India goes after top earners

India’s top earners will face a new tax as part of the Asian giant’s latest budget, which also boosts government spending. Those pulling in over 10m rupees (£121,226) will face a 10 per cent surcharge on their income tax, as will local firms turning over 100m or more, as a temporary one year measure. Although this was billed as a move to reduce the deficit, the government boosted spending by 16 per cent.