Income Tax: This is how you will save 100% income tax, this 3 step formula is going viral
Budget 2024: The changes made in the tax system in the budget by Finance Minister Nirmala Sitharaman remain a topic of discussion on social media. An interesting discussion is also going on in this video.
Budget 2024: The country's budget for the financial year 2024-25 has been presented. Finance Minister Nirmala Sitharaman has given some relief to the people involved in the new tax regime without making any changes to the old tax regime. However, a large section of the public is unhappy with the decisions on capital gains tax and indexation benefits. People have become vocal about income tax on social media. These days one such video has gone viral, in which a blogger has advised to save 100 percent tax. He has also given a 3-step formula to save tax.
Advised salaried people to grow grass
Travel blogger Srinidhi Handa, who lives in Udupi, Karnataka, has posted this video on the social media platform X. In this, he has advised salaried people how they can save their 100 percent tax. For this, he has advised salaried people to grow grass. After this, you tell your HR that you do not want a salary in exchange for work. However, the company will have to buy that grass from you. You take an amount equal to your salary from the company in exchange for selling grass.
There is no tax on income from agricultural products.
In the video, he further says that since there is no tax on the income from selling agricultural products in India. In such a situation, the money received from the company in exchange for grass will be income tax-free. Now since you are not taking salary, the government will not be able to take income tax from you. After this, you will not have to worry about TDS or investment. You can comfortably enjoy your earned money. This funny video has surprised people on social media. Some people have even appealed to the government to close this loophole. People are also having an interesting discussion on India's tax system.
Tax slabs and Standard deductions were changed in the budget.
Finance Minister Nirmala Sitharaman had described the budget as a relief to the middle class. Along with the change in the tax slab, she had increased the standard deduction to Rs 75 thousand. It is being claimed that those earning up to Rs 7 lakh will not have to pay any tax. Apart from this, there was also talk of providing relief to the middle class with the help of subsidy on education loans up to Rs 10 lakh and cheap houses.
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