Jammu, July 27 -- The number of ultra-rich individuals reporting an annual gross total income of Rs 100 crore or more has increased more than fourfold over the last five years, according to information tabled in the Lok Sabha by the Union Government, highlighting the rapid growth of India's high-income taxpayers.
Replying to an unstarred question by MP Murari Lal Meena, Minister of State for Finance Pankaj Chaudhary said that while there is no statutory definition of a "billionaire" under the Income-tax Act, the Income Tax Department maintains data on individuals reporting gross total income of Rs.100 crore or above in their Income Tax Returns (ITRs).
According to the Ministry, the number of such taxpayers has risen steadily from 142 in t...