New Delhi, July 27 (IANS) 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

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