Number of ITR filers reporting ₹100 crore-plus income jumps 306% in 5 years

The number of such tax filers rose from 142 in AY 2021-22 to 576 in AY 2025-26, an increase of 434 filers, marking a 306% jump over five years.

The above numbers were shared by Union Minister of State for Finance, Pankaj Chaudhary, in a written reply to the following query in the Lok Sabha:

_"Whether the Government is aware that there has been a significant increase in the number of billionaires in the country and that is among the leading nations in the world in this regard."-

"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 said.

However, he added that the number of individuals having reported Gross Total Income of ₹100 crore or more in the Income-tax Returns (ITRs) filed for the last five assessment years is as follows:

The minister also said that the Wealth-tax Act, 1957 was abolished with effect from April 1, 2016, and the Government does not maintain data on aggregate wealth of taxpayers.

Replying to another query on income inequality, Chaudhary shared the following:

• As per the latest Household Consumption Expenditure Survey 2023-24, the Gini coefficient for rural and urban areas is 0.237 and 0.284, respectively, down from 0.266 and 0.314 in 2022-23. This shows that the rural-urban gap is narrowing.

• The Annual Periodic Labour Force Survey (PLFS) report shows that labour markets have recovered beyond pre-COVID levels in both urban and rural areas.

• The unemployment rate for individuals aged 15 and above has decreased from 3.6% in 2022 to 3.1% in 2025.

• As per the National Multidimensional Poverty Index: A Progress Review 2023, released by NITI Aayog, the proportion of the population in multidimensional poverty declined from 24.85% to 14.96% between 2015-16 and 2019-21, indicating that about 13.5 crore people have escaped poverty during the period.

• As per the discussion paper on Multidimensional Poverty in India since 2005-06, published by NITI Aayog, multidimensional poverty in India is estimated to have declined from 29.17% in 2013-14 to 11.28% in 2022-23 indicating that 24.82 crore people have escaped poverty during this period.

"The Government has taken several measures to reduce income and wealth inequality, promote broad-based employment generation and foster inclusive economic growth which include a progressive Income-tax structure and increased spending on food, health, education, housing and social security," Chaudhary said while highlighting that the graded tax slab structure ensures that the direct taxation in India remains progressive in nature.

He also said that persons with very high incomes are required to pay a surcharge over and above the normal Income-tax.