Indian techies are fascinated by the Rs 1-Crore package. Look beyond debate - Why & Who draws 1Cr?
Get link
Facebook
X
Pinterest
Email
Other Apps
The IT sector in India has been a cornerstone of the country's economic growth, with major hubs like Bengaluru, Hyderabad, and Pune housing numerous multinational corporations and innovative start-ups. Professionals in these regions benefit from a dynamic ecosystem that fosters talent and provides ample opportunities for career advancement. Companies like Infosys, Tata Consultancy Services (TCS), Wipro, and newer tech giants like Flipkart and Paytm are known for offering lucrative packages to retain top talent.
Indian Techies are generally well compensated, yet the topic of salaries are front and center in most conversations. By all means 20-30-40 lakhs is still a huge amount in a country where a percentage of population is below poverty line. Yet there are days when lurking in tech forums, I come across boasts or humble-brags about "1 crore" packages that generate animate discussions.
Typically, these high earners with packages of 10 million rupees are seasoned professionals who have climbed the corporate ladder through years of dedication, advanced education, and continuous skill development. They often hold senior positions such as Chief Technology Officer (CTO), Vice President of Technology, or lead specialized departments in software development, cybersecurity, artificial intelligence, or data science. Their responsibilities are extensive, encompassing strategic decision-making, leading large teams, overseeing complex projects, and ensuring the technological competitiveness of their organizations.
Thanks to Bollywood, Indians have always had a fascination for “crorepatis” just like the American dream is to eulogize millionaires. Reaching the 1 crore salary mark often involves a combination of advanced technical skills, managerial acumen, and a track record of successful project delivery. And a bit of luck and being at the right place at the right time also plays a role. Some Techies who earn such salaries are typically involved in cutting-edge projects that require expertise in emerging technologies such as artificial intelligence, machine learning, blockchain, and cloud computing. Their ability to adapt to rapidly changing technological landscapes and drive strategic initiatives is highly valued.
Behind the headlines
High earners in India, such as those earning a 1 crore annual salary, are subject to a progressive income tax structure designed to ensure equitable taxation. For the financial year 2023-2024, individuals with annual incomes exceeding 15 lakh rupees fall into the highest tax bracket, which imposes a tax rate of 30% on their income beyond this threshold. Additionally, a surcharge is applicable on high-income earners: 10% on income between 50 lakh and 1 crore rupees, 15% on income between 1 crore and 2 crore rupees, 25% on income between 2 crore and 5 crore rupees, and 37% on income exceeding 5 crore rupees. This surcharge significantly increases the effective tax rate for top earners.
The unsaid truth of 1Crore package is Taxes. Income Tax will knock off >30% of the package for such high earners - no IFs, Buts or IT Deductions at this level of salary earnings. According to data published by IT department, the total number of taxpayers in India earning between 50L-1Cr is only about 300 thousand - this is a drop in the bucket of country of 1.4 Billion!
With a death in the family, survivors may have to come to grips with the stark reality: how to move forward after the death. While the grieving process can take time, one also must address several documentation, paperwork and other formalities. Here are a few things that you will have to follow up on: To Do Immediately After Someone Dies Inform loved ones, family and friends Arrange for a funeral - depending on your custom and current regulations and wishes of the deceased, you will have to plan for the final rites Plan for after death ceremonies - this will depend on your customs (e.g After death ceremonies – Brahmin Iyer ) Apply for a death certificate . This is the most important legal step and may be a two-step process The hospital, crematorium or burial ground officials may issue a letter/document with the name of deceased and cause of death. The letter/document needs to be submitted to the local municipal/corporation office that will ‘record’ the death and i...
This week I got a WhatsApp message in a university alumni group about a GoFundMe page created by Aruna, a batchmate that talked about her husband’s suicide after he fell victim of a cryptocurrency scam. In the GoFundMe page, Aruna went on to explain how her husband was an “unfortunate victim of a cryptocurrency scam where he was skillfully manipulated into parting with our entire life savings. Through the shameless, methodical and savvy deception of these heartless cyber criminals, they utilized a “pig butchering” scheme and managed to convince him to pull every single penny out of our life savings, including all of our retirement funds. There is nothing left in our accounts, except debt and loans to pay.” Video viewpoint by Author, Mohan Aruna’s family is the story of a typical middle-class American dream. She migrated to the US with her husband after her masters in India. They then spent the past couple of decades pursuing the American dream – seeking a Gree...
Cows are no strangers to praise and controversy in India. Hindus consider the animal sacred and many consider cow urine (Gomutra) and poop (cow dung) sacred and containing medicinal properties. This may sound funny to some, but Indians seem to be carrying cow dung (dried cake) in their baggage while traveling to the US, prompting the U.S. Customs and Border Protection to issue a press release ( Dulles CBP Agriculture Specialists Find Cake Surprise in Leftover Baggage ). According to the release U.S. Customs and Border Protection agriculture specialists discovered cow dung cakes while examining leftover baggage recently at Washington Dulles International Airport. That is not a typo. CBP agriculture specialists found two cow dung cakes in a suitcase that was left behind after passengers from an Air India flight cleared CBP’s inspection station on April 4. cbp.gov According to US CBP, "Cow dung is reported to be a vital energy and cooking source in some p...
Comments
Post a Comment