Hello Fishes,
First time coming under tax bracket.
Can someone help me how to design my investments and other stuff so that i can save taxes?

1.I dont have seperate insurance till now.
2.I have mutual fund investments but not ELSS
3. I dont have any loans

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Please get your own health insurance and life insurance/term insurance first, those will help with taxes, start paying "rent" to your parents, siblings, whoever you are staying with upto INR 8000, start SIP in ELSS funds and NPS, that should work to begin with 😀

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Your HRA deduction will be Actual rent paid - 10% of Basic. Also you will get a standard deduction of 50k.

80C - 1.5 LPA
I would say after EPS fill some with PPF too, ELSS has higher return I agree but it’s taxable at maturity, but PPF is 15 years and all tax exempt .

80CCD - 50K NPS

50K standard deduction.

25K health insurance.

And show 98K as Rent paid (don’t cross 1L, as Then PAN is needed)

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