Filing your taxes can often feel like navigating a labyrinth of documents, rules, regulations, and potential pitfalls. However, armed with the right knowledge, you can successfully steer clear of costly mistakes that could jeopardize your finances or even trigger a tax notice. In this blog, we will explore five common errors that taxpayers often make while filing their taxes, providing you with invaluable insights on how to avoid them. Whether you’re a seasoned taxpayer or a first-timer, this guide will empower you to ensure a smooth and stress-free tax filing experience. So, let’s delve into the five mistakes you need …

Most people start tax-saving investments when the financial year is about to end. Those investments are mostly related to taking the benefit of 80C, on 1.5L per annum. Some people are aware of the additional tax benefit of 50k under section 80CCD(1B), by investing in NPS. Here let us discuss some less known tax-saving ways beyond the benefit of 80C.  1) Are you a Government employee and contributing to General Provident Fund (GPF)? You can contribute from 6% of your salary to 100% as per your own choice and interest on your annual contribution up to 5L will be tax-free. This is because …

Tax planning is not just paying less tax. The objective of tax planning is not to deprive the authority of their due revenue. Tax planning is associated with efficient management of taxes payable with the right knowledge of tax laws and rules and their applicability at the right place to draw the right strategy. Evasion of tax liability is a temporary relief and can put the taxpayer into multiple liabilities in the future. But tax planning can save taxes in legal ways and result in more and more savings besides saving you tax. Tax planning should be done ahead of earning the money. Tax management comes to play …