Number of people earning Rs 100 crore or more declined in AY21: FM

Only 136 individuals reported gross total income of ₹100 crores or more, compared to 141 in the previous year. In 2019, 77 reported a total income of 100 crores. 

Finance Ministry on Tuesday said that the number of people earning above Rs. 100 crores had declined in the assessment year (AY) 2020-21, LiveMint reported.

As reported by LiveMint, in AY21 only 136 individuals reported gross total income of ₹100 crores or more, compared to 141 in the previous year. In 2019, 77 reported a total income of 100 crores. 

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According to LiveMint, the Rajya Sabha had raised questions about billionaires in the country and the level of poverty. Finance Minister Nirmala Sitharaman said in a written reply that “Wealth tax has been abolished with effect from April 1, 2016, and, therefore, the Central Board of Direct Taxes (CBDT) does not any more capture information about the complete wealth of an individual taxpayer.”

The decline in billionaires in the country shows that access to necessities like sanitation, drinking water and housing conditions have significantly improved in the poor households in both urban and rural areas, reported LiveMint.

According to Financial Express, The rate of economic expansion plunged to an 11-year low of 4% in FY20, compared with 6.5% in the previous year, as the growth in both private consumption and fixed investment slowed down drastically. 

Sitharaman said that there is no exact definition given by CBDT for billionaires under direct taxes.