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December 1, 2022

How to pay Zero Tax for CTC of Rs 20 Lakhs for FY 2022-23 for Salaried while filing declaration with employer

by CA Shivam Jaiswal in Income Tax

How to pay Zero Tax for CTC of Rs 20 Lakhs for FY 2022-23 for Salaried while filing declaration with employer

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 details on what all deductions a salaried can claim while declaring to the employer their estimated tax liability for FY 2022-23. Get maximum deductions which you can claim.

Tax DeductionsAmount
Section 80C Exemption1,50,000
NPS 80CCD(1B) Tax Exemption 50,000
Medical Insurance (Self & Parents) 50,000
Standard Deduction 50,000
Car Maintenance 25,000
Meal Coupons 25,000
EPF by Employer 1,25,000
NPS (Employer Contribution) 1,00,000
Mobile & Internet Bill Reimbursement
Uniform Allowance
Children Education/Hostel Allowance
Newspaper/Journal Allowance
Gift voucher
Leave Travel Allowance
1,25,000
House Rent Allowance 6,00,000
Home Loan Interest 2,00,000
Gratuity (Not part of salary but component of CTC and is non-taxable) 50,000
Total – upto Rs 5 Lac Zero Tax as per Rebate u/s 87A4,50,000

Source :

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