Stox N Tax

Salaried Indians Are Losing ₹50,000+ in Tax Refunds Every Year—Are You One of Them?

Mumbai, April 24 – A shocking trend has emerged among salaried individuals in India: millions are unknowingly overpaying income tax—and most don’t even realize it until it’s too late.

According to a recent analysis by independent tax consultants, over 72% of salaried employees either:

  • Skip claiming eligible deductions
  • Don’t file the correct ITR form
  • Miss the deadline to revise or update their return

The result? ₹50,000 to ₹1.2 lakh in refunds lost—every single year.

Common Mistakes That Are Costing You Big:

  1. Not claiming HRA (House Rent Allowance)
    Even those living in rented homes often fail to submit rent receipts to HR or forget to include them while e-filing.
  2. Missing Section 80D deductions
    Medical insurance for self, parents, or dependents can reduce your taxable income significantly.
  3. Ignoring Education Loan Interest (Section 80E)
    Young professionals skip this, even when they’re still paying off student loans.
  4. Not using NPS (Section 80CCD(1B))
    Additional ₹50,000 deduction over and above 80C—completely missed by most.
  5. Choosing the New Regime blindly
    Many opt for it without calculating whether it saves more than the Old Regime.

Real Case, Real Money Lost

A 29-year-old software engineer earning ₹14 LPA opted for the new tax regime without understanding the trade-offs. After reevaluation, she realized she could have saved ₹63,000 by staying in the old regime and claiming:

  • ₹1.5L under 80C
  • ₹25,000 under 80D
  • ₹50,000 under NPS
  • ₹2L interest on home loan

Quick Fixes You Can Do This Week:

  • Re-check your Form 16 with your personal records
  • Use AIS (Annual Information Statement) to identify missed income or deductions
  • Plan your investments before the year ends, not in March
  • File a revised return if you missed anything (up to 31st December)

Bottom Line

If you’re salaried and earning over ₹5 lakh per year, chances are, the government owes you money—not the other way around.
But they won’t send it unless you ask.

Don’t Be Late. Don’t Be Lazy. Be Tax Smart.

More refund strategies coming this week—stay subscribed to Stox n Tax.

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Drop your income range and deductions to Stoxntaxblog@gmail.com. We’ll run the math. Alternatively, use our income tax calculator below.

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