India’s club of high-income taxpayers is steadily expanding, with 576 individuals reporting a gross total income of ₹100 crore or more in their income tax returns for the Assessment Year (AY) 2025-26, according to data tabled by the government in Parliament on Monday.
The latest figure is the highest in the past five assessment years, reflecting the growing pool of top earners in the country.
The figures were shared by the finance ministry in response to a Parliament question on the rising number of billionaires in India.
The ministry, however, 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. Consequently, it provided data on individuals reporting a gross total income of ₹100 crore or more in their income tax returns as a proxy for the country’s highest-income taxpayers.
The data showed that the number of such individuals has broadly increased over the past five assessment years. While there was a marginal decline in AY2023-24, the numbers rebounded in the subsequent two years.
4 crore returns filed
Over 4 crore income tax returns have been filed so far for the 2026-27 assessment year, the income tax department said on Monday.
In a post on X, the tax department asked filers to file ITR 1 and 2 before the July 31 deadline. ITR Form 1 (Sahaj) is a simpler form that caters to a large number of small and medium taxpayers.
Sahaj can be filed by a resident individual having annual income up to ₹50 lakh and who has salary income, one house property, and agricultural income up to ₹5,000 a year.