How to claim maximum deduction while filing the declaration and pay Zero tax for CTC of up to Rs 20 Lacs in case of a salaried employee for FY 2022-23

A thread on deductions for salaried 🧵

Tax Deductions

Section 80C Exemption 150k
NPS 80CCD(1B) Tax Exemption 50k
Medical Insurance (Self & Parents) 50k
Standard Deduction 50k

20 lac - 3 lac = 17 lakhs
Car Maintenance 25k
Meal Coupons 25k
EPF by Employer 125k
NPS (Employer Contribution) 100k

Mobile & Internet Bill Reimbursement
Uniform Allowance
Children Education/Hostel Allowance
Newspaper/Journal Allowance
Gift voucher
Leave Travel Allowance - all 125K

17 lac - 4 = 13 lac
House Rent Allowance - 50k per month Total 6 lacs

13 Lac - 6 lac = 7 lac
Home Loan Interest 200k
Gratuity (Not part of salary but component of CTC and is non-taxable) 50k

7 Lac - 2.5 Lac = 4.5 Lac

upto Rs 5 Lac Zero Tax as per Rebate u/s 87A

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And here they are...

THE WINNERS OF THE 24 HOUR STARTUP CHALLENGE

Remember, this money is just fun. If you launched a product (or even attempted a launch) - you did something worth MUCH more than $1,000.

#24hrstartup

The winners 👇

#10

Lattes For Change - Skip a latte and save a life.

https://t.co/M75RAirZzs

@frantzfries built a platform where you can see how skipping your morning latte could do for the world.

A great product for a great cause.

Congrats Chris on winning $250!


#9

Instaland - Create amazing landing pages for your followers.

https://t.co/5KkveJTAsy

A team project! @bpmct and @BaileyPumfleet built a tool for social media influencers to create simple "swipe up" landing pages for followers.

Really impressive for 24 hours. Congrats!


#8

SayHenlo - Chat without distractions

https://t.co/og0B7gmkW6

Built by @DaltonEdwards, it's a platform for combatting conversation overload. This product was also coded exclusively from an iPad 😲

Dalton is a beast. I'm so excited he placed in the top 10.


#7

CoderStory - Learn to code from developers across the globe!

https://t.co/86Ay6nF4AY

Built by @jesswallaceuk, the project is focused on highlighting the experience of developers and people learning to code.

I wish this existed when I learned to code! Congrats on $250!!