The number of individuals reporting a gross total income (GTI) of ₹100 crore or more in their income tax returns reached a five-year high in Assessment Year (AY) 2025-26, according to data shared by the Finance Ministry in Parliament. A total of 576 taxpayers reported income above the ₹100 crore mark during the year, reflecting a steady rise in the number of ultra-high-income earners filing tax returns.
The government also clarified that the figures should not be interpreted as the number of billionaires in India, as there is no legal definition of the term "billionaire" under the Income-tax Act.
The information was provided in response to a question in Parliament regarding the increasing number of billionaires in the country.
In its reply, the Finance Ministry said that neither the Income-tax Act, 2025, nor the erstwhile Income-tax Act, 1961, contains a statutory definition of a "billionaire." Instead, the ministry shared data on taxpayers who disclosed a gross total income of ₹100 crore or more in their income tax returns over the last five assessment years.
The parliamentary data showed that 576 individuals reported gross total income of at least ₹100 crore in AY2025-26, marking the highest figure recorded in the last five years. While the number witnessed a slight dip in AY2023-24, it rebounded in the following assessment years, indicating an overall upward trend in the reporting of very high annual incomes.
The latest data highlights the growing number of taxpayers reporting substantial annual earnings, although it does not provide details about the sources of income or individual wealth.
The Finance Ministry also emphasised that annual income and net worth are not the same. The parliamentary data relates only to individuals who reported a gross total income of ₹100 crore or more in their tax returns. In contrast, the term "billionaire" is generally used to describe individuals based on their net worth, which includes the value of assets after liabilities, rather than annual income.
The latest parliamentary data shows a rise in the number of individuals reporting annual income of ₹100 crore or more, reaching a five-year high in AY2025-26. However, the government has clarified that these figures should not be equated with the number of billionaires, as income reported in tax returns and personal wealth are measured using different parameters.
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Published on: Jul 27, 2026, 5:01 PM IST
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