ITR Filing: Taxpayers Earning Over ₹100 Crore Surge 300%; Income Tax Department Reveals Latest Data

The number of taxpayers reporting annual income exceeding ₹100 crore has witnessed a remarkable rise in India. According to data shared by the Central Government in Parliament, 576 individuals declared annual incomes above ₹100 crore in Assessment Year (AY) 2025-26, representing an increase of nearly 300% compared with five years ago.

The figures were disclosed by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha, highlighting the growing number of ultra-high-income taxpayers filing Income Tax Returns (ITRs).

₹100 Crore+ Taxpayers Increase Sharply

Government data shows a steady rise in the number of individuals reporting annual incomes above ₹100 crore.

AY 2021-22: 142 taxpayers

AY 2022-23: 301 taxpayers

AY 2023-24: 284 taxpayers

AY 2024-25: 415 taxpayers

AY 2025-26: 576 taxpayers

The latest figures indicate a nearly 300% increase in the number of taxpayers in this income category compared with AY 2021-22.

Government Clarifies 'Billionaire' Definition

The Finance Ministry clarified that the Income Tax Act does not provide a statutory definition of a "billionaire." Therefore, the data presented in Parliament is based solely on Income Tax Returns filed by individuals reporting annual incomes above ₹100 crore, rather than on estimates of personal wealth.

Government Says Income Inequality Is Narrowing

Responding to concerns about income inequality, the government pointed to recent economic indicators suggesting improvements in income distribution.

According to the Household Consumption Expenditure Survey (HCES) 2023-24:

The Gini coefficient in rural India declined from 0.266 to 0.237.

In urban India, it fell from 0.314 to 0.284.

The government stated that these figures indicate a reduction in income inequality and a narrowing rural-urban gap.

Employment Scenario Improves

The government also highlighted improvements in India's labor market.

As per the latest Periodic Labour Force Survey (PLFS), the unemployment rate for individuals aged 15 years and above declined to 3.1% during 2023-24, reflecting stronger employment conditions and improved workforce participation.

How the Government Plans to Reduce Income Inequality

According to the Finance Ministry, efforts to reduce inequality focus on multiple policy measures, including:

Progressive taxation

Employment generation initiatives

Higher public spending on health, education, housing, and rural development

Infrastructure investments

Targeted tax incentives to support job creation and inclusive economic growth

The government believes these initiatives will continue to promote balanced economic development while expanding employment opportunities across the country.