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Number Of Billionaires In India Dropped From 141 to 136

Sumit Arora Published On August 13th, 2021 Leave a comment

In the pandemic-hit financial year of 2020-21, the number of billionaires in India dropped from 141 in FY20 to 136 in FY21, as per a statement issued by Finance Minister Nirmala Sitharaman in the Rajya Sabha. The count is based on the gross total income declared in the income tax returns. In FY 2018-19, the number of individuals with a gross total annual income of more than Rs 100 cr is 77.

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As per the information available with the Central Board of Direct Taxes (CBDT), there is no legislative or administrative definition of the term billionaire under direct taxes. Wealth tax has been abolished with effect from 01.04.2016 and, therefore, CBDT does not any more capture information about the complete wealth of an individual taxpayer.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.