Income Tax Planning: Common mistakes to avoid as March 31 deadline nears [Video]

The deadline for making tax-saving investments for 2023-24 is March 31. With only six days left for the same, it is high time to do the tax planning to get more disposable income. However, in the rush to meet the deadline, taxpayers may inadvertently make errors that could prove costly in the future.

So, here we have listed some of these mistakes which should be avoided:

Blindly following recommendations without understanding

In the rush to secure tax savings, individuals may be tempted to heed advice from friends, family, or online sources without fully comprehending the implications.

Blindly following recommendations without understanding the intricacies of the investment can be risky.

It’s crucial to conduct thorough due diligence, assess the risks and returns associated with each investment option, and ensure that they align with one’s personal financial objectives.

Overlooking long-term financial goals for short-term gains

While the immediate goal may be to minimise tax liability for the current financial year, it is essential to …