Attention Salaried Taxpayers: Want To Save 100 Percent On Your Income Tax? Watch Tips Shared In Viral Video | Personal Finance News

Content creator Shrinidhi Hande, an analyst and travel blogger from Udupi, Karnataka, posted the satirical video on Instagram following the Union Budget presentation on July 23. The video, also shared by CA Akhil Pachori, has gone viral on social media, garnering over 4 lakh views on X and over 88k likes on Instagram.

How To Save 100% on Income Tax:

Shrinidhi Handa, a content creator from Karnataka, outlines a satirical three-step process in his video to avoid income tax:

Step 1: “You have to grow grass,” Handa explains in his video. “You can do this in your home, on your balcony, or on your terrace. It is a very, very legal process.”

Step 2: Tell your HR you don’t want any salary. They would be happy.

Step 3: Tell your HR that your company should buy grass from you equivalent to your salary. If your salary is Rs 50,000, maybe they can buy 50 strands of grass for Rs 1,000 each. This is a completely legal process.

Shrinidhi Handa suggests that by following these steps, you can reduce your salary income to zero. He notes that income from selling agricultural produce is not taxable in India. “This way, you can save 100% on income tax, avoid TDS, and skip investments. It’s a very easy, legal, and simple process,” he explains.

Here’s How Netizens Reacted:

What an idea sir ji
— Shyam® (@shyam481) July 25, 2024

If this is implemented in the next assessment year Finance ministry will release a notification that grass purchased by company is outside the ambit of agriculture income and taxable at the rate of 20 Percentage
— PAVAN NULI (@CAPAVANNULI) July 25, 2024

This Guy is a genius, now @nsitharaman will levy GST on Grass Selling
— Vipul $h@h (@vipuls1979) July 25, 2024

Companies already have their own sources for buying Grass … They will not buy your Grass….. That’s another Problem…

Because Companies are always Trying harder than you to evade Taxes…
— Varun V (@VarunV_SPA_IIT) July 25, 2024

#BudgetReactions #NirmalaSeSawalPublicKa pic.twitter.com/98qkZXC6d5
— KK Trades (@krunalvadher5) July 25, 2024

As per the FM’s announcement, the new tax regime will revise the tax rate structure as follows:

-No tax up to Rs 3 lakh

-5% tax on income up to Rs 3-7 lakh

-10% tax on income up to Rs 7-10 lakh

-15% tax on income up to Rs 10-12 lakh

-20% tax on income up to Rs 12-15 lakh

-30% tax on income above Rs 15 lakh

As a result of these changes, a salaried employee in the new tax regime stands to save up to Rs 17,500 in income tax, added the FM.