Looking for tax-saving options for 2018-19? 5 serious tax mistakes that can ruin your finances – Financial Express

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  • Last Updated on 28 October, 2020

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(By CA Naveen Wadhwa, GM–R&D, Taxmann.com and CA Ritu Gupta, Assistant Manager, Taxmann.com)

The best thing about making mistakes is that one learns something from them. However, that lesson can be costly and unrepairable if that is learnt from wrong investment decisions. A prudent person can’t avoid the taxes, but he can surely reduce them by learning from the mistakes of others.
 
Tax planning is a legitimate process to reduce one’s tax liability by availing all the permissible allowances, deductions, exemptions and rebates. Some of these benefits accrue after the fulfilment of certain conditions. In this article, we shall discuss about the investment-linked tax deductions and the common mistakes a taxpayer generally makes.

 
 

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