Tax as you would know is a fee charged by the government on a product, service, or income. It is an obligatory payment made by citizens to the government. Tax Planning is an exercise performed to reduce your tax obligations and protect your hard-earned money by utilising permissible exemptions, deductions and reliefs available under the tax act. It also evaluates which Tax regime is more beneficial for the client, the old tax regime which allow all the exemptions and deductions or the new tax regime with the lower slab rates. 

Common Mistakes which Tax Payer commits

1. One of the common mistakes is delaying the Tax saving investments, Waiting till the last-minute leads to sub optimal tax saving investments.
2. Most investors make tax planning investments in a mechanical way, just to save taxes. You should invest in schemes which not only gives you tax savings but also helps you meet your financial goals.
3. Investing in Life Insurance for Tax saving is another common mistake committed by the investors. Investing in endowment life insurance policy under the influence of agent will get you returns which are less than inflation at the same time you will be severely underinsured.
4. For many investors, tax planning starts as well as ends with Section 80C, overlooking other tax saving investment opportunities.