India's ultra-high-income taxpayer base continued to expand in Assessment Year (AY) 2025-26, with 576 individuals reporting a gross total income of Rs 100 crore or more in their income tax returns, according to data shared by the Finance Ministry in Parliament.
The latest figure marks a sharp rise from 415 individuals in AY 2024-25 and is more than four times the 142 individuals who reported gross income above Rs 100 crore in AY 2021-22.
The data was shared by Minister of State for Finance Pankaj Chaudhary in a written reply to an unstarred question raised by Lok Sabha MP Murari Lal Meena from Dausa.
Responding to a query on whether the government was aware of a significant increase in the number of billionaires in the country, the minister clarified that there is no statutory definition of the term "billionaire" under either the Income-tax Act, 2025 or the erstwhile Income-tax Act, 1961.
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Instead, the ministry provided data on individuals who reported gross total income of Rs 100 crore or more in their income tax returns over the past five assessment years.
The number of such taxpayers has steadily increased over the period:
- AY 2021-22: 142 individuals
- AY 2022-23: 301 individuals
- AY 2023-24: 284 individuals
- AY 2024-25: 415 individuals
- AY 2025-26: 576 individuals
While the count dipped slightly in AY 2023-24 after surging in the previous year, it has since rebounded strongly, reaching a record high in AY 2025-26.
The Finance Ministry's response was limited to tax return data and did not comment on the overall number of billionaires in India, reiterating that the Income-tax Act does not define the term.
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