The number of individuals in India disclosing gross income exceeding Rs 100 crore reached 576 during financial year 2024-25 (assessment year 2025-26), with 161 new entrants — the highest addition in at least four years, according to data the government presented in Parliament on Monday.
While the super rich club remains a tiny fraction of the roughly 8.1 crore individuals who filed income tax returns in FY2024-25, the government is drawing comfort from the rising number of taxpayers disclosing higher income, Business Today reported. Given the rising level of exemptions, over 60% of those who filed returns regularly have not paid any tax.
Super Rich Club Composition
Historical trends indicate that most taxpayers in the Rs 100 crore-plus bracket are non-salaried. For instance, in FY2022-23, of the 282 individuals in the Rs 100-500 crore income bracket, only 16 were salaried, suggesting that some of the top company CEOs are part of this segment, according to the report.
In FY2022-23, there were 2.3 lakh individuals with annual income exceeding Rs 1 crore.
Direct Tax Base Widening
The Centre has been seeking to broaden the direct tax base amid high evasion among the non-salaried, relying on multiple data sets for better tracking. The results are visible in the rising share of direct taxes in overall collections.
| Metric | FY2000-01 | FY2013-14 | FY2022-23 | FY2024-25 (Estimated) |
|---|---|---|---|---|
| Direct tax share in total collections | 36% | — | — | 59% |
| Direct tax-to-GDP ratio | 3.3% | 5.6% | — | 6.7% |
| Number of income tax filers | — | ~3 crore | — | 8.1 crore |
The share of direct taxes in overall government collections increased from an average 52% in the pre-pandemic period to 59% in FY2024-25, according to official data. In 2000-01, the share stood at just 36%. The direct tax-to-GDP ratio was estimated at 6.7% in FY2024-25, compared with 3.3% in 2000-01 and 5.6% in 2013-14.
Rising Number of Tax Filers
The number of income tax filers has risen sharply from just above 3 crore in FY2013-14 to about 8.1 crore in FY2024-25. So far this year (FY2025-26), 4 crore returns have already been filed, with the July 31 deadline still ahead.
Unlike earlier years, tax authorities have not released detailed tax return data for the last assessment year. The latest numbers, disclosed in Parliament, only provide a glimpse. Typically, the data also includes the number of taxpayers with gross income exceeding Rs 500 crore.
The growing number of high-income filers and the widening direct tax base signal improved compliance and economic formalisation, key factors for analysts tracking India's fiscal health.
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