No one likes to pay taxes. And if paying what you owe feels like a pinch, paying additional taxes by way of interest and penalties is even more painful.
It’s been years since I left practice as a chartered accountant, but I know that the months of June and July continue to have the same routine play out in the office. Clients who are informed of their tax liability splutter when they see that it’s significantly more than what they’d estimated and politely demand to see the calculations. And that’s when the interest component hits them.
If you’ve ever paid interest on your income tax, you know that the amount is a significant percentage of your tax liability. So how does one ensure that they don’t have this sort …
Lavanya Mohan is a chartered accountant and writer from Chennai.
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