Are you ready to start your own business? Trying to gain financial freedom? Want to be your own boss? But are you financially prepared?
Struggling to understand the “Math way” to spell numbers. Here is a detailed explanation of 7 figures, 8 figures, 9 figures and 10 figures so that you can understand and work around the number system with ease. Earning or giving a salary in 7 to 10 figures can be possible only when you understand the number system properly.
First understand of How Much is 6 Figures Monthly?
In India, Ever wondered what people mean when they talk about lakhs, crores, and arabpatis?
Let’s jump to the base scale of rupees! Here’s a quick breakdown:
- 7 Figures (Sapta-Ank): ₹10 Lakhs to ₹9.99 Crore (Think: Crorepati! A millionaire in Indian terms)
- 8 Figures (Ashta-Ank): ₹10 Crore to ₹99.99 Crore (Serious wealth territory – multiple crorepatis!)
- 9 Figures (Nava-Ank): ₹100 Crore to ₹999.99 Crore (Big business owners and celebrities)
- 10 Figures (Dasha-Ank): ₹1,000 Crore and above (The exclusive Arabpati club – billionaires in rupees!)
Now you can flex your knowledge of financial number systems.
What’s a Figure?
A figure is a number notation expressed when we are not sure or not interested to reveal the exact number. Instead of 100,01,000(Ten crore and one thousand rupees) we can express this as 8 figures. It’s simple number maths. When dealing with higher number values or addressing one’s salary one can use these kinds of notations.So that the other person gets a easy understanding of the figures mentioned.
How Much Is 7 Figures?
7 Figures range from 10,00,000 to 9,99,99,999. It’s 10 lakhs to 9.99 crore. For estimating the income we just simply say they are millionaires or crorepatis.
In India, If you’re earning a 7 figure salary, you are earling pretty decently. You can buy comfort with ease. You now have the financial comfort to live your life without ny burgens. But here comes the glitch. You are under the tax tab now. Let’s discuss the tax you need to pay and savings plans for your secured future.
How Much Is 8 Figures?
8 Figures Range from ₹10 crore – ₹99.99 crore. For estimating the income we refer to it as crorepatis. If someone is earning an 8 figure salary that they have entered into some serious wealth territory. They are the creamy layer. The rich folks! They have the luxury of buying any costly items they like .They can live a luxurious life.
How Much Is 9 Figures?
9 Figures range from ₹100 crore – ₹999.99 crore. Mostly celebrities and business tycoons earn this kind of 9 Figures income. They often lead a very luxurious life and accumulate a lot of assets in their name. Fame and name both are their identity.
How Much Is 10 Figures?
10 Figures range from ₹1,000 crore and above. These are exclusive billionaires. They even pass a lot of money and assets to their next generation. Their kids and grandkids can enjoy generational wealth for a long time.
Taxes:
Tax Calculation for 7-Figures, 8-Figures, 9-Figures and 10-figures Salaries
Let’s dig into the taxing system in India. The higher the pay , the higher the tax. With Less income you are exempted from a lot of taxes. Here’s a simplified breakdown (as of July 2024, Budget subject to change):
| Income Range (₹) | Tax Rate (%) |
| Up to 5,00,000 | Exempt |
| 5,00,001 – 10,00,000 | 5% |
| 10,00,001 – 20,00,000 | 20% |
| 20,00,001 – 50,00,000 | 30% |
| Above 50,00,000 | 30 (plus Surcharge cess applicable on higher income) |
Additional Taxes for High Earners:
Above 50 Lakhs per annum income, tax is levied on you based on 30% of income and additional surcharge. Health and Education Cess is a fixed 4% cess that applies to all taxable incomes.
Savings Strategies for High Earners:
High earners can save big time and invest into somethings which can generate enough income for their vacation or retirement plans.:
- Maximize Deductions: Use Section 80C deductions for investments in PPF, ELSS Mutual Funds, NPS, and life insurance premiums to lower your taxable income.
- Insurance & Retirement Planning:Choose company through or any insurance policy for long term retirement plans. Invest in the National Pension System (NPS) for long-term plans.
- Tax-efficient Investments/stocks: Tax reducing stocks can be beneficial when done in the form of SIPs. These are Equity Linked Savings Schemes (ELSS) in mutual funds for capital appreciation with really long-term benefits.
- Real Estate: Investing in home loan can be beneficial in real estate nicest plan. It can get tax deductions and provide secure tax returns. HRA option is also available for rent homes. Attach Pan card and get benefit of 1,20,000 rupees per annum exemption through HRA.
In Conclusion,
Earning 7-Figures, 8-Figures, 9-Figures and 10-figures depends on your hard and smart work. Sometimes generational wealths can be a boon or a bane. Yet we try to get to the point where our combined income is good enough to lead a happy life. Keep into considerations of tax deductions and saving plans for any kind of figured salary you draw.