you 8 investment strategies to save tax in India 2023

Top 8 investment strategies to save tax in India 2023?

Do you know? You can pay zero tax if your Annual CTC is 10 Lakhs per annum. Here I am going to tell you 8 investment strategies to save tax in India in 2023. But how?

How a software engineer can save tax If an annual CTC is under 10 LPA 2023?

8 investment strategies to save tax in India in 2023-

1- Avail Standard deduction of ₹50,000/-
u/s 16(ia) of the Income Tax Act.

2- Pay the health insurance premium of your senior citizen parents and get an exemption of ₹50,000

3- Invest in NPS (National Pension System)& claim ₹50,000 under section 80CCD (1B) of the Income Tax Act.

4- Invest in EPF, PPF, ELSS, Government Bonds, NSC etc. or paying LIC premium of self, you can claim a maximum deductible of ₹1,50,000

5- You can avail an exemption of ₹25,000 on self-health insurance premiums under Section 80D of the Income Tax Act.

6- You can avail ₹25,000 more deductions with ₹5,000 on preventative health check-up activities within the aforementioned 80D limit.

7- Claim a deduction of ₹60,000 on your HRA u/s 10 (13A) (will post the calculation methods in the coming posts)

8- if you had taken an education loan then claim the interest paid for higher education

Note: I didn’t add a home loan interest exemption of ₹2,00,000 since an individual with ₹10LPA package should not opt for any home loans. It is always advisable for me to earn a minimum of ₹16 LPA to opt for a home loan 🏡

🪝With all of these strategies your net taxable income will be ₹5 lakhs or less than that. Thus, you pay ₹0 tax 😃

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