New Delhi: The number of taxpayers declaring annual income of more than Rs 100 crore has nearly quadrupled over the past five years, the government informed Parliament on Monday.
In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said 576 individuals reported annual incomes exceeding Rs 100 crore in Assessment Year (AY) 2025-26, up from 142 in AY 2021-22 — an increase of about 300 per cent during the period.
The number of such high-income taxpayers stood at 301 in AY 2022-23, dipped marginally to 284 in AY 2023-24, before rising to 415 in AY 2024-25 and further increasing to 576 in AY 2025-26.
In addition, the government clarified there is no statutory definition of the term ‘billionaire’ under the Income-Tax Act, 2025.
Accordingly, it shared data relating to individuals reporting annual incomes above Rs 100 crore based on income tax return filings.
Responding to a query on income inequality, the government said recent indicators point to improvements in income distribution and employment across the country.
It cited the latest Household Consumption Expenditure Survey (HCES) 2023-24, which showed the Gini coefficient declining to 0.237 in rural areas and 0.284 in urban areas from 0.266 and 0.314, respectively, in 2022-23, indicating a narrowing rural-urban gap.
The government also highlighted improving labour market conditions, noting that the unemployment rate for persons aged 15 years and above declined to 3.1 per cent in 2023-24, according to the latest Periodic Labour Force Survey (PLFS).
It is addressing income inequality through a combination of progressive taxation, employment-generation initiatives and higher public spending on health, education, housing and rural development, the government said, adding that infrastructure-led investments and targeted tax incentives are also aimed at supporting job creation and inclusive economic growth.
(IANS)
