Dividend Income//OCI//Sec 80C//FYE 31 Mar 2023//AY 2023-24

Newboyo (CFA//MBA//Corporate banker for 30+ years )   (25 Points)

04 March 2023  

Hello,

I'm an OCI with dividend income in India of ~ INR 225K. To my understanding  -

  • 100% of this dividend income is taxable @ 20% + cess etc etc.
  • I'm not eligible to claim standard deductions. 

The question that I have is, can I contribute to ELSS  and reduce taxes payable (by opting for the old scheme)?

Thank you for your time.