I made a costly mistake in the 2021-22 financial year. I did certain things assuming that a specific tax rule will lower my tax liability. My accountant who is preparing my tax return is telling me that my assumption was wrong. Basically I am looking at a big tax bill this year (along with interest too, since I didn’t account for this while paying advance tax)!
Lesson learnt: do not assume you’re right and cross-check with experts. If you expect to save a lakh rupees in taxes, it’s prudent to spend one or two thousands in validating the assumptions to be doubly sure.
