Finance Minister Nirmala Sithraman announced the Union Budget 2024 earlier this week, and the country, especially the middle class, is still talking about the tax structure. People continue to figure out ways to save taxes.
Against this backdrop, a travel blogger shared “important” and hilarious advice on how one can get a 100 per cent income tax exemption. In a now-viral video, Shrinidhi Hande, a resident of Udupi in Karnataka, claims that if one leaves their salary for selling grass they can manoeuvre the tax exemption rules in their favour.
He explains this “very easy, legal and simple process” and says that the first step is to grow grass. Then they should speak to their company HR and tell them that they don’t want any salary.” He adds, “Tell your HR that your company should buy grass from you to the tune of your salary. If your salary is Rs 50,000, maybe they can buy 50 strands of grass for Rs 1,000 each.”
After you make your salary by only selling grass, you can get an income tax exemption on the grounds that the earnings were via agricultural products. In India, agricultural income is exempt from income tax. He concluded, “No need to worry about TDS or investment.”
Sharing this video, Shrinidhi Hande wrote, “Salaried Class, this video is for you. How to save 100% income tax.” So far this video has gathered over 87,000 likes since it was shared on June 23.
In the comments, many indulged in Shrinidhi Hande’s satire. An Instagram user wrote, “How funny it’s going to be when a company’s financial statement shows 40-80% of revenue is spent in purchasing GRASS.”
Someone else joked, “I suggested this to my friend, now he got fired from his company for moonlighting.” Another person wrote, “Bhai aapka process follow kia, abhi jail me hu, kya karu. Please give me some advice. (Brother, I followed your process, now I’m in jail. Please give me some advice.)”
An Instagram user cautioned, “Don’t give Nirmala ji more ideas she will tax on the agricultural produce as well from the next budget.”
“That’s how rich people save tax. See how many farmers in Bollywood only,” wrote another.
As per the 2022 Economic Survey, 47% of India’s population depends on agriculture for livelihood. It is also important to note that not all types of “agricultural products” such as rubber or coffee are covered under agricultural tax exemption.
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