The tax season begins with a flurry of activity, triggered by an email from your human resources (HR) or payroll department. Externally, high decibel media campaigns by the retail financial services industry (read insurance and mutual fund companies) announce the “financial Diwali” season. In the rush that follows, mistakes such as buying a third insurance policy, investing another lump sum in Public Provident Fund (PPF), purchase of an obscure financial instrument which someone tells you will save tax, are made.
But before I pen some thoughts on what not to do this tax season, here are two basic thoughts as a precursor:
