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UPlease judge this as smth written by a 19 year old and give your legal opinion. Also, this is a purely hypothetical scenario, I am not encouraging anything with this.
> As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means:
(a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes.
(b) Any income derived from such land by agriculture operations including processing of agricultural produce so as to render it fit for the market or sale of such produce.
(c) Any income attributable to a farm house subject to satisfaction of certain conditions specified in this regard in section 2(1A). Any income derived from saplings or seedlings grown in a nursery shall be deemed to be agricultural income.
There’s some guy who I was talking to today, (a friend of friend’s) and we randomly landed on taxation topic. Ig we were joking about paying tax a 3lpa (we are 19 man. Ik we’ll realise the value of the 3 lpa). So, his family is indulged in agriculture and he mentioned that one doesn’t have to pay any income tax if their source of income is agriculture.
So, I googled and found this thing from incometaxindia,com.
So, what I wanna ask is if suppose, one is employed in corporate sector, and they tell the company to pay their salary in a different manner.. (unrealistic and the company wouldn’t most likely comply). Like how the bosses get their salary in stocks so they don’t pay taxes. What if the employee tells the company to buy some kind of agricultural produce from him like seedlings and pay his salary as them buying his produce, meaning, he wouldn’t be earning a salary but it would be his income from his business? But the thing being that he is selling each seedling for a very high price. Like, the deal he strikes is selling 100 seeds for his salary.
Now, the company he is working at can definitely exploit him coz they can file for selling the seedling with false advertisements for justification of it’s high price (Consumer protection law, 1955) but it’s just a hypothetical situation where we are assuming the company to be co-operative who wouldn’t cut down his salary with reasoning like he is saving in taxes so, he’ll get less.
So, what’s your legal opinion on this?
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UIn a surprising twist, a loophole circulating on social media suggests that salaried individuals in India could save 100 percent of their income tax by growing and selling grass to their employers.
Shrinidhi Handa, an analyst and travel blogger made a viral reel about it.
Your post isn’t real at all.
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Uthere’s a reel about it? If there is, then Ig it’s not og content. I’d happily remove the post. Will look into what Shrinidhi Handa has discussed. But not calling it real is kinda hurtful Tho, iG it makes sense.
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