Srinagar, Aug 11: The number of crorepatis or the number of individuals reporting gross income of Rs 100 crore (Rs 1 billion) or more dropped to 136 in the assessment year 2020-21 (or financial year 2019-20) from 141 a year earlier.
Their number had jumped 83%, year on year, in the assessment year 2019-20.
The number has come down even further this year, according to the figures provided by the Finance Ministry in the Parliament.
Even before the pandemic struck, the number of individuals reporting gross income of Rs 100 crore had dropped, reflecting the impact of a slowing economy. However, many economic analysts are quite skeptical about the correctness of this number of Rs 100 crore plus club, arguing that the actual number must be much higher than this small number.
In a written reply to the Rajya Sabha on Tuesday, finance minister Nirmala Sitharaman said: “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 complete wealth of an individual taxpayer.”
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.
As per the information available with the CBDT, there is no legislative or administrative definition of the term billionaire under direct taxes, she said.
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