Which one of these expectations do you think will actually materialise, come February 1?
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
Many hurdles that investors could have faced after enrolling for the scheme have been removed.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
Three key instruments that can help you meet your financial goals, while also allowing you to enjoy tax deductions are ELSS, term cover and health cover.
The government has made employers responsible for verifying whether the claims filed are according to the law. Earlier, companies went only by self-declaration of employees.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
New ITR form may be simpler, but some changes could stump you.
Taxpayers can claim a deduction on tuition fees for a maximum of two children.
An Aadhaar card can fast-track the KYC procedure for some instruments.
Equity-linked savings scheme, PPF and Sukanya Samriddhi Yojana are recommended instruments.
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