Number of people reporting Rs 100 crore-plus income rises four-fold in five years: Govt

NEW DELHI: The number of individuals reporting a Gross Total Income (GTI) of Rs 100 crore or more in their Income Tax Returns (ITRs) has increased more than four-fold over the past five assessment years, the government informed Parliament on Monday.

Answering a question in Parliament, Minister of State for Finance, Pankaj Chaudhary, said 576 individuals reported a gross total income of Rs 100 crore or more in Assessment Year (AY) 2025-26, compared with 142 individuals in AY 2021-22. The number stood at 301 in AY 2022-23, 284 in AY 2023-24 and 415 in AY 2024-25 before rising to 576 in AY 2025-26.

The minister clarified that there is no statutory definition of the term “billionaire” under the Income-tax Act, 2025 or the erstwhile Income-tax Act, 1961. He added that the government tracks individuals reporting gross total income of Rs 100 crore or more through income tax returns. He stated, “There is no statutory definition of the term ‘billionaire’ either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961”.

On whether the government maintains data on the aggregate wealth of billionaires, the minister said the Wealth-tax Act, 1957 was abolished with effect from April 1, 2016, and the government does not maintain data on the aggregate wealth of taxpayers.

The government also said that several indicators point towards improving economic inclusion. According to the latest Household Consumption Expenditure Survey 2023-24, the Gini coefficient declined to 0.237 in rural areas from 0.266 in 2022-23 and to 0.284 in urban areas from 0.314, indicating a narrowing rural-urban gap.

The Gini coefficient is a statistical measure of economic inequality that ranges from 0 to 1, evaluating income or wealth distribution. A value of 0 indicates perfect equality, while 1 indicates complete inequality.

Further, the government said the unemployment rate for individuals aged 15 years and above declined from 3.6 per cent in 2022 to 3.1 per cent in 2025, while multidimensional poverty has also fallen significantly over the past decade, according to NITI Aayog.

The minister said the government continues to promote inclusive economic growth through a progressive income tax structure, employment-linked tax incentives, support for start-ups and cooperatives, and welfare programmes covering housing, healthcare, financial inclusion, skill development and rural livelihoods. (ANI)