India sees fourfold rise in Rs 100 crore+ tax filers, NRI filing guidance issued

The number of individuals filing Income Tax Returns showing a gross total income of Rs 100 crore or more rose from 142 in assessment year 2021‑22 to 576 in AY 2025‑26, according to Minister of State for Finance Pankaj Chaudhary. The minister noted there is no statutory definition of “billionaire” under the Income‑tax Act and that the government does not keep aggregate wealth data, the wealth‑tax act having been abolished in 2016.

Data on broader inclusion showed the Gini coefficient falling in both rural and urban areas, unemployment slipping to 3.1%, and multidimensional poverty declining, signalling narrowing inequality.

Separately, guidance for non‑resident Indians (NRIs) clarified that most should use ITR‑2, not ITR‑1, which is limited to resident taxpayers. Filing the wrong form can render a return defective, delay refunds and trigger notices from the Income‑Tax Department.