Want to Save 100% Income Tax: Follow Karnataka Analyst's Three-Step Formula:

Want to Save 100% Income Tax: Follow Karnataka Analyst's Three-Step Formula A unique approach to saving taxes after Budget 2024 has gone viral. A Karnataka resident released a video claiming that salaried individuals in India may possibly save 100% of their income tax by growing and selling grass to their employers. Shrinidhi Handa, an analyst and travel blogger from Udupi, Karnataka, is behind this unusual strategy. His sarcastic guidance explains a straightforward three-step process: First, grow grass at home; second, inform HR that you do not want a salary; and third, have your company buy the grass from you for the equivalent of your income.

How much tax do I have to pay? Now Calculate

According to Handa, the income earned by selling agricultural produce is not taxed, effectively lowering one's taxable salary to zero. What occurs now is that your salary income has become zero, leaving you with just income from the sale of agricultural produce, which is not taxed in India. In this manner, you can save 100% on income tax. There's no need to worry about TDS or investment. This hack has prompted a mixture of disbelief and fascination. Some viewers suspect a catch, while others believe that the government will intervene to close the loophole. The concept illustrates continuing discussions regarding India's tax structure and the lengths people will go to get around it. Union Finance Minister Nirmala Sitharaman stated that changes to tax rates in her Budget are intended to benefit the middle class, including an increase in the standard deduction from Rs.50,000 to Rs.75,000. These changes aim to provide financial assistance to salaried individuals while also ensuring that high-income earners benefit from tax breaks on earnings of up to Rs.7 lakh. Sitharaman also offered discounted education loans of up to Rs.10 lakh and affordable housing rebates to help the middle class. The government seeks to help middle-income families by adjusting tax slabs and providing other subsidies.