Latest news with #Singal
Time of India
16 hours ago
- Business
- Time of India
Rs 1 crore salary's reality in Mumbai: Big deal or just average? IIM graduate busts the myth
In India, earning Rs 1 crore annually has long been seen as a significant financial milestone—a symbol of success and comfort. However, in Mumbai, the story is more complicated. An alumnus of IIM Ahmedabad, Anurag Singal, recently shared insights on LinkedIn explaining why a Rs 1 crore salary means very different things depending on where you live in the city and the lifestyle you lead. The Rs 1 Crore Dream vs. Reality in Mumbai Singal points out that Rs 1 crore a year does place you among the top 0.1% of income earners in India, well above the Rs 50 lakh mark defining the top 1%. On paper, this is impressive, especially when compared to the median household income in Mumbai, which is roughly Rs 6–8 lakh annually according to a 2024 IIM study. That means a Rs 1 crore salary is about 12 to 15 times the average income. But the challenge is Mumbai's high cost of living. In upscale neighborhoods such as Worli or Bandra West, monthly rent can range from Rs 1.5 lakh to Rs 3 lakh. Add to that hefty tax bills—under the new tax regime, one might pay upwards of Rs 38 lakh annually—and the income starts to shrink quickly. Singal emphasizes that these costs chip away at what might initially appear to be a large salary. What Really Consumes Your Income? Singal breaks down common expenses that eat into a Rs 1 crore salary: Rent in expensive areas: Rs 1.5–3 lakh per month International school fees for children: around Rs 5 lakh annually Dining out, which can cost Rs 10,000 or more per meal Family vacations, often exceeding Rs 5 lakh yearly Factoring these in, Singal suggests that after taxes and expenses, one might only save between Rs 10 lakh and Rs 20 lakh a year. His candid assessment is that while Rs 1 crore is 'solid,' it's definitely not enough to 'buy a yacht.' Location Matters: Thane vs. South Mumbai Where you live in Mumbai makes a huge difference. In suburbs like Borivali or Thane, earning Rs 1 crore annually makes you stand out and provides a comfortable lifestyle. You can afford a larger home, personal vehicle, and save money while enjoying a good quality of life. However, in South Mumbai's boardrooms, filled with finance and tech executives earning between Rs 1 crore and Rs 5 crore or more, Rs 1 crore is considered just 'par for the course.' With over 20,000 ultra-high-net-worth individuals residing in the city, Singal notes that 'wealth, not income, is the real flex' here. Changing Perceptions of Wealth The IIM alumnus' observations highlight how earning Rs 1 crore can feel very different depending on your environment. While it is undoubtedly a financial achievement, it is no longer the ultimate sign of prosperity in Mumbai's elite circles. The key takeaway from Singal's post is that Rs 1 crore is 'nice,' but it should be seen more as a milestone on the journey rather than the finish line. The value of a Rs 1 crore salary in Mumbai depends on lifestyle choices, location, and expenses. For many, especially outside the city's priciest areas, it remains a mark of success. For others, it's simply the starting point in a highly competitive and costly urban landscape.
India Today
a day ago
- Business
- India Today
Is Rs 1 crore salary still a big deal? Depends on where you live and who you ask
A few years ago, earning 1 crore a year in India was something people proudly spoke about. It meant you'd arrived, financially and socially. But, Anurag Singal, an alumnus of IIM Ahmedabad, has raised questions about the real value of a 1 crore annual salary in Mumbai. Once considered a marker of financial success, this figure now barely registers in the city's elite wrote on LinkedIn, "Is a 1 crore annual salary in Mumbai something to shout from the rooftops, or is it just another number in the city's high-flying circles?"He added, "A Rs 1 crore salary puts you in the top 0.1% of earners in India—way above the Rs 50 lakh mark that defines the top 1%, according to a 2023 Economic Times report." Singal explained that in a city where the average household earns around Rs 6–8 lakh per year (as per a 2024 IIM study), Rs 1 crore sounds massive—it's about 12–15 times the city average. But here's the twist: in Mumbai, context matters a lot. Where you live and who you're surrounded by can change how rich you said that earning 1 crore annually places you in the top 0.1% of Indian income earners, far above the Rs 50 lakh mark that defines the top 1%. However, in a city like Mumbai, known for its soaring cost of living, this seemingly large income can vanish quickly. Renting a flat in an upscale neighbourhood can cost anywhere between Rs 1.5 lakh to Rs 3 lakh per further added that under the new income tax regime, your tax outgo alone could exceed Rs 38 lakh annually. Add to that international school fees of around Rs 5 lakh a year, regular dining bills that touch Rs 10,000 per outing, and family vacations costing Rs 5 lakh or more—and suddenly, that 1 crore doesn't stretch as far as it remarked, 'It's solid, but not 'buy a yacht' money.'He, however, pointed out that in areas like Borivali or Thane, a Rs 1 crore salary might still make one stand out, but in South Mumbai's boardrooms, where finance and tech executives frequently earn between Rs 1 crore and Rs 5 crore, this income is seen as average. The city is home to over 20,000 ultra-high-net-worth individuals, according to Knight Frank. Thus, mere income no longer dazzles, and Singal stated, "Wealth, not income, is the real flex there."advertisementIn other words, Singal's insights highlight the shifting perceptions of wealth. Whether Rs 1 crore feels huge or not really depends on your your lifestyle, your location, expenses and who you compare yourself with.
Time of India
2 days ago
- Time of India
CP Warns of MCOCA, MPDA Action on Criminals Ahead of Bakri Eid–Shiv Rajyabhishek Weekend
1 2 3 Nagpur: Commissioner of police Ravinder Singal has warned of strict against against the known troublemakers in the city, with plans to invoke MPDA, MCOCO and even externment orders ahead of Bakri Eid and Shiv Rajyabhishek, both of which fall on this weekend. Addressing a citywide peace committee meeting at the police headquarters, Singal interacted with peace committee members, community leaders, religious representatives, and citizens from various police stations. The meeting aimed to ensure communal harmony and a peaceful atmosphere during the upcoming celebrations. "We must not dwell on past incidents. Nagpur is a city of peace," said Singal, urging citizens to focus on building a stable and harmonious future. "We need to move on from previous riots and look ahead with unity," he added. Addressing members of the peace committee, Singal emphasized their critical role in maintaining law and order, calling them 'the eyes of the police'. He assured that all information and tip-offs from citizens would remain strictly confidential and encouraged the public not to hesitate in reporting suspicious or unlawful activities. "Tip-offs are the backbone of our operations," he said, revealing that many major crackdowns — including the recent Operation Thunder — were made possible because of vital leads from alert citizens. The commissioner informed that police have already begun identifying and warning known anti-social elements across the city. Legal proceedings under the Maharashtra Prevention of Dangerous Activities Act (MPDA) and the Maharashtra Control of Organised Crime Act (MCOCA) are currently in progress. Repeat offenders are also being considered for externment to ensure they cannot disrupt peace during the upcoming festivities. "Simultaneously, we're cracking down on the illegal sale of liquor," Singal added. "We are also initiating action against the misuse of prescription drugs, which is becoming a growing concern in certain pockets of the city." The police chief also urged citizens to engage positively during the festivities. He encouraged families to involve children in cultural and religious celebrations to promote harmony. Singal further called on youth and content creators to avoid provocative material and instead focus on making positive, culture-rich content and reels that celebrate the spirit of unity. During the meeting, several critical issues were raised by citizens and community leaders. These included the need for increased night patrolling, especially in Central Nagpur and areas like Ganeshpeth, which has eight to ten active mosques. Residents requested that two police personnel be deployed at every major chowk to maintain law and order. Another key concern was the improper transport of meat during the festival, with citizens urging that sacrificial meat be carried carefully to avoid blood dripping in public places, which has triggered tensions earlier. Clarifications were also sought on buffalo sacrifices, with community representatives stating that while the meat is legal, misunderstandings, particularly when it's mistaken for beef, often lead to unrest. Police were also urged to step up monitoring and enforcement around such situations and to increase public awareness about legal practices to prevent misinformation. Waste management emerged as another significant issue. Citizens expressed dissatisfaction with Nagpur Municipal Corporation (NMC), citing delays in garbage collection and poor circulation of vehicles, especially in sacrifice zones. They requested increased deployment of NMC officials and vehicles to ensure cleanliness and hygiene during the festival. Info: Key Points * Police have initiated strict action under MPDA and MCOCA against known offenders ahead of Bakri Eid–Shivrajyabhishek weekend. * Social media activity is under close watch; police will act firmly against those spreading provocative or inflammatory content. * Citizens were assured that all tip-offs will remain completely confidential * CP urged the public to report any suspicious or unlawful activity without hesitation — "Tip-offs are the backbone of our operations." * Alerts from citizens have helped in major operations like Operation Thunder, and continued cooperation is vital
Time of India
3 days ago
- Business
- Time of India
CBI slices into pizza bribe plot, IRS officer caught with Rs 1 crore cash, 3.5kg gold
NEW DELHI: A senior Indian Revenue Service officer has been arrested after the Central Bureau of Investigation (CBI) uncovered a bribery racket involving a major cash seizure and gold haul. Amit Kumar Singal, a 2007-batch IRS officer serving as Additional Director General at the Directorate of Taxpayer Services, was arrested alongside his associate Harsh Kotak in connection with an alleged bribe of Rs 25 lakh. CBI officials confirmed on Monday that raids at Singal's residences in Delhi and Punjab led to the seizure of approximately Rs 1 crore in cash, 3.5 kg of gold, and 2 kg of silver. The operation followed a complaint by Sanam Kapoor, owner of La Pino'z Pizza, who alleged that Singal demanded a total of Rs 45 lakh to settle an income tax notice issued earlier this year. — PTI_News (@PTI_News) According to the complaint, Singal had leveraged his previous position as Joint Commissioner in the Customs Department, Mumbai, to establish business connections with Kapoor, including a franchise agreement via Parker Impex, a firm registered in his mother's name. Additional contracts were reportedly arranged with other firms linked to Kotak and his family. After a business dispute, Kapoor alleged he was pressured into buying back outlets at inflated rates. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Following the fallout, Singal allegedly influenced the issuance of an income tax notice against Kapoor in February 2025. Kapoor's chartered accountant was informed that a substantial penalty was likely due to Singal's influence. In April, Kapoor met Singal at his Delhi office, where the officer allegedly demanded Rs 45 lakh and issued threats of legal action and financial penalties. Acting on Kapoor's detailed complaint, the CBI verified the claims, including a four-hour covert recording of discussions between the parties on 30 May. The next day, the agency conducted a trap operation in Mohali, where Kotak was allegedly caught accepting the first instalment of the bribe on Singal's behalf. Singal was subsequently arrested from his residence in Delhi's Vasant Kunj. Both men have been remanded in judicial custody until 13 June, according to Kapoor's lawyer, Gagandeep Jammu.
News18
3 days ago
- Business
- News18
CBI Recovers Rs 1 Crore Cash, 3.5 Kg Gold In Bribery Case Against Senior IRS Officer
Last Updated: Singhal, who was then posted as the joint commissioner of the Customs Department, Mumbai, approached Kapoor and entered into a master franchise contract with La Pino'z Pizza. The Central Bureau of Investigation recovered around Rs 1 crore in cash and 3.5 kg of gold after conducting raids at the premises of senior IRS officer Amit Kumar Singal. The officer has been arrested along with one of his associates in link to bribery charges involving Rs 25 lakh. Raids were conducted by the central agency at the premises of the officer and his associate Harsh Kotak, following a trap operation. CBI seized Rs 1 crore in cash, along with 3.5 kg of gold and 2 kg of silver during searches at Singal's premises in Delhi and Punjab, reported PTI, citing officials. Singhal, who is a 2007-batch Indian Revenue Service (IRS) officer and was posted as the additional director general at the Directorate of Taxpayer Services in Delhi, was arrested for allegedly taking Rs 25 lakh as a bribe from a pizza-chain owner. According to the FIR filed by the CBI, the officer demanded a total bribe amount of Rs 45 lakh to settle an income-tax notice issued to Sanam Kapoor, owner of La Pino'z Pizza. On Saturday, Rs 25 lakh was delivered to his home in Punjab's Mohali as the first installment of the bribe. The money was allegedly received by Kotak on behalf of the IRS officer. The CBI arrested Singhal on the same day following the complaint by Kapoor. Both Singhal and Kotak were produced before a special magistrate in Chandigarh, who remanded them in judicial custody till June 13, reported PTI, citing Kapoor's lawyer, Gagandeep Jammu. It was allegedly followed by other agreements regarding a franchise deal for two outlets and a store with Flevaco (a partnership firm of Harsh Kotak and his mother, Godavariben Amulakhbhai Kotak) and an agreement for an outlet with Mohini Hospitality, in which Kotak's wife, Kiran, was the proprietor, said the FIR. Later, Kotak allegedly replaced Rattan in Parker Impex. Later, after a business fallout due to 'unprofessional conduct and material violations", Kapoor was allegedly forced to buy back three outlets at six times their value, Jammu said. 'After termination of master franchise contracts with Parker Impex and its associate firms in the month of December 2024, Singal, using his influence, got income tax notice … issued to me by Income Tax department on February 18, 2025," Kapoor has alleged in the complaint to the CBI that is now part of the FIR. Kapoor's CA then visited the income tax office at Chandigarh as directed in the notice. Kapoor, on his return, was told that he might have to face a hefty penalty, and the notice has been issued due to the influence exhorted by Singal. Kapoor then met Singal at his Delhi office in April, where the officer allegedly demanded Rs 45 lakh as a bribe to settle the notice. Following the complaint, CBI acted promptly and laid a trap to arrest Singal, who was arrested from his residence in Delhi's Vasant Kunj on Saturday. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated!
