Are You Paying Hefty Tax Bill?


BANGALORE: You may be unknowingly making some common tax mistakes, which can have you paying more tax than you should and not get the tax deductions you are eligible for. Income Tax is something we all look to save, and at times this can make us anxious. Also, there are common income tax mistakes that can often lead to you saving a lot less tax than you actually could.

On the other hand, at times tax saving can be achieved, but the investments you made may be bad or not result in good returns. There are numerous factors to saving income tax in India, and not all of us are aware of possible ways to do so. This leads us to making common income tax mistakes while filling our returns.

Let’s have a look at some of the taxpaying mistakes:

1. Not looking beyond section 80C

This is another common tax mistake that a lot of us make. Section 80C is the most common tax saving option available, but there are other avenues like section 80D, 80G and sub-sections that provide income tax rebate India to you.

Tax deductions can be availed if you have made a donation to a political party or a charitable trust or you are bearing the treatment expenses for a dependent or have a dependent suffering certain disabilities as recognized by the Income Tax Act of India.