Income tax: Tax payers.. Want to save your tax? Correct these mistakes.. | These are the common tax saving mistakes that can be avoided, check details here IG News

Income tax filing is a complex process. Taxpayers often make mistakes without proper understanding of this. Lose important discounts and exemptions. Thus they miss out on a significant amount of money they need to save.

Tax planning is also very important in financial planning of individuals. Accurate tax planning is also essential for anyone to reach their financial goals. Paying taxes on time, taking advantage of tax exemptions, investing in various schemes that offer tax exemptions and claiming them should be planned properly.

Don’t make mistakes.. Income tax filing is a complicated process. As a result, taxpayers often make mistakes. Lose important discounts and exemptions. Thus they miss out on a significant amount of money they need to save. In this context, taxpayers must be aware of certain things. Some must be avoided. Let’s see that..

Tax deductions should be used. Taxpayers sometimes lose the benefit of deductions provided to them. These deductions are available for various categories including investments, insurance and home loans. It is important that you go through the list of available discounts and make full use of them.

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Tax exemption too.. Many people are not aware of tax deductions. So they are not able to get their benefits. Check the list of available exemptions. Make full use of them.

Don’t miss the benefit of 80c.. The government provides various tax exemptions to the citizens. Section 80C of the Income Tax Act is the most common exemption, which allows a maximum deduction of Rs 1.5 lakh every year. Know about the various deductions and exemptions available under Section 80C and avail them.

Don’t miss out on tax relief. Tax concessions are another important avenue available to Indian citizens. A number of deductions can be made to save money from taxable income. Know about these and use them.

Claim HRA.. Another important way to save tax is through HRA or House Rent Allowance. HRA is a stipend given to employees by their employers to cover their rent expenses. Know the rules and regulations governing HRA.

Maintain records. Keeping accurate records is an important part of tax planning. Focus on all investments, deductions, exemptions etc. to take full advantage of the various tax-saving options available.

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