Skip to main content

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 ๐Ÿก

๐ŸชWith all of these strategies your net taxable income will be ₹5 lakhs or less than that. Thus, you pay ₹0 tax ๐Ÿ˜ƒ

Comments

Popular posts from this blog

codeforces rating system | Codeforces rating Newbie to Legendary Grandmaster

 Codeforces rating system | Codeforces rating Newbie to Legendary Grandmaster- Codeforces is one of the most popular platforms for competitive programmers and  codeforces rating matters a lot  .  Competitive Programming  teaches you to find the easiest solution in the quickest possible way. CP enhances your problem-solving and debugging skills giving you real-time fun. It's brain-sport. As you start solving harder and harder problems in live-contests your analytical and rational thinking intensifies. To have a good codeforces profile makes a good impression on the interviewer. If you have a good  codeforces profile so it is very easy to get a referral for product base company like amazon, google , facebook etc.So in this blog I have explained everything about codeforces rating system. What are different titles on codeforces- based on rating codeforces divide rating into 10 part. Newbie Pupil Specialist Expert Candidate Codemaster Master International Master Grandmaster Internat

Apple Division CSES Problem Set Solution | CSES Problem Set Solution Apple division with code

 Apple Division CSES Problem Set Solution | CSES Problem Set Solution Apple division with code - Apple Division CSES Problem Solution Easy Explanation. Apple division is problem is taken form cses introductory problem set.Let's Read Problem statement first. Problem Statement- Time limit:  1.00 s   Memory limit:  512 MB There are  n n  apples with known weights. Your task is to divide the apples into two groups so that the difference between the weights of the groups is minimal. Input The first input line has an integer  n n : the number of apples. The next line has  n n  integers  p 1 , p 2 , … , p n p 1 , p 2 , … , p n : the weight of each apple. Output Print one integer: the minimum difference between the weights of the groups. Constraints 1 ≤ n ≤ 20 1 ≤ n ≤ 20 1 ≤ p i ≤ 10 9 1 ≤ p i ≤ 10 9 Example Input: 5 3 2 7 4 1 Output: 1 Explanation: Group 1 has weights 2, 3 and 4 (total weight 9), and group 2 has weights 1 and 7 (total weight 8). Join Telegram channel for code discussi

Movie Festival CSES problem set solution

 Movie Festival CSES problem set solution - Problem statement-  Time limit:  1.00 s   Memory limit:  512 MB In a movie festival  n n  movies will be shown. You know the starting and ending time of each movie. What is the maximum number of movies you can watch entirely? Input The first input line has an integer  n n : the number of movies. After this, there are  n n  lines that describe the movies. Each line has two integers  a a  and  b b : the starting and ending times of a movie. Output Print one integer: the maximum number of movies. Constraints 1 ≤ n ≤ 2 ⋅ 10 5 1 ≤ n ≤ 2 ⋅ 10 5 1 ≤ a < b ≤ 10 9 1 ≤ a < b ≤ 10 9 Example Input: 3 3 5 4 9 5 8 Output: 2 Solution - Step -1 take input in a vector as a pair first element is ending time ans second element is starting time Step -2 sort the vector in increasing order because we will watch that movie which is ending first. Step -3 iterate over vector and calculate ans .           follow code below-