The number of individuals declaring 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 Central government informed Parliament on Monday. The figures, presented by the Ministry of Finance, indicate a steady rise in the number of ultra-high-income taxpayers filing returns in India.
Replying to a question in Parliament, Minister of State for Finance Pankaj Chaudhary said that 576 individuals reported a gross total income of Rs 100 crore or more in Assessment Year (AY) 2025-26. This marks a substantial increase from 142 individuals who reported similar income levels in AY 2021-22.
The data shared by the minister showed a gradual rise over the intervening years. While 301 individuals reported a GTI of Rs 100 crore or more in AY 2022-23, the figure stood at 284 in AY 2023-24. The number increased to 415 in AY 2024-25 before reaching 576 in the latest assessment year, reflecting a significant expansion in the pool of taxpayers reporting extremely high incomes.
The minister clarified that these figures relate to gross total income reported in income tax returns and should not be interpreted as the number of "billionaires." He explained that neither the Income-tax Act, 2025, nor the erstwhile Income-tax Act, 1961, provides a statutory definition of the term "billionaire."
"There is no statutory definition of the term 'billionaire' either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961," Chaudhary informed Parliament.
He added that the Income Tax Department monitors taxpayers based on the income declared in their returns rather than on estimates of personal wealth or net worth. Consequently, the government tracks individuals reporting gross total incomes of Rs 100 crore or more through the income tax filing system.
Responding to another query on whether the government maintains data regarding the aggregate wealth of billionaires or high-net-worth individuals, the minister said no such information is maintained. He noted that the Wealth-tax Act, 1957, was abolished with effect from April 1, 2016, following which the government no longer collects or maintains comprehensive data on the wealth of taxpayers.
Instead, the focus of tax administration remains on declared income and tax compliance through the income tax framework. Alongside the income tax data, the government highlighted several economic indicators that it said reflect improving levels of economic inclusion and a gradual reduction in inequality across the country.
Referring to the latest Household Consumption Expenditure Survey (HCES) 2023-24, the minister said the Gini coefficient—a widely used measure of income and consumption inequality—has shown improvement in both rural and urban India.
According to the survey, the rural Gini coefficient declined to 0.237 in 2023-24 from 0.266 in 2022-23, while the urban Gini coefficient fell to 0.284 from 0.314 during the same period. The government said the decline indicates a narrowing gap in consumption inequality and reflects broader economic inclusion.
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The Gini coefficient is a statistical measure used internationally to assess inequality in the distribution of income or wealth. Its values range between 0 and 1, with a value of 0 representing perfect equality, where everyone has the same income or wealth, and a value of 1 indicating complete inequality, where all income or wealth is concentrated in the hands of a single individual or entity.
The government also pointed to improvements in employment indicators. According to official data cited in Parliament, the unemployment rate among individuals aged 15 years and above declined from 3.6 per cent in 2022 to 3.1 per cent in 2025, suggesting an improvement in labour market conditions.
Additionally, the minister referred to findings from NITI Aayog, which indicate that multidimensional poverty has declined significantly over the past decade. Multidimensional poverty considers several indicators of deprivation, including education, healthcare, housing, sanitation, and living standards, rather than relying solely on income levels.
Highlighting the government's policy approach, Chaudhary said the Centre remains committed to promoting inclusive economic growth through a combination of fiscal measures, employment generation, and social welfare initiatives. These include a progressive income tax structure, employment-linked tax incentives, support for start-ups and cooperative enterprises, and schemes aimed at improving access to housing, healthcare, financial inclusion, skill development, and rural livelihoods.
The government maintained that these initiatives, together with improvements in tax compliance and broader economic growth, are contributing to a more inclusive economy while expanding the number of individuals reporting higher incomes through the formal tax system.
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