Billionaire club shrank in FY20

India's billionaire club shrunk a tad bit in the FY20. The number of individuals disclosing gross total income of Rs 100 crore or more in India reduced in assessment year 2020-21 to 136, down from 141 in AY 20, the finance minister Nirmala Sitharaman said in a written reply in Rajya Sabha Tuesday. The number of such individuals was 77 in AY 19, Sitharaman said, adding that there was 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 (Central Board of Direct Taxes) does not any more capture information about complete wealth of an individual taxpayer," she said. In response to a written question on whether poverty had increased due to high unemployment, Sitharaman said in a statement that as per poverty estimates following the Tendulkar Committee methodology, the number of persons living below poverty line in India was estimated as 27 crore (21.9%) in 2011-12.