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How to save tax in 2023-24? SAVE TAX

SAVE TAX

HOW TO PAY LESS TAX IN 2023-24

Published By Livemint | 06 Apr, 2023

INCREMENT SEASON

With the onset of increment season, people will have to pay higher taxes after salary hike

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OPTIMISE TAX

Follow these steps to optimise your taxes and investments

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RESTRUCTURE SALARY

If your company allows, rejig salary to add tax efficient options like phone bill, travel, meal claims, etc

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LEAVE TRAVEL ASSISTANCE

Family’s travel fare is eligible for tax exemption as part of CTC, if you make it a part of your salary

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NPS CONTRIBUTION

Opt for NPS to make up to 10% of your basic pay tax free under Sec 80CCD(2)

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TAX SAVING INVESTMENT

Start early with tax saving investment options like ELSS fund, PPF, etc

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FORM 15G/15H

Check eligibility, then submit form 15G and 15H to avoid TDS on interest income

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