Tax filing season 2016 has just started and you could already be looking for the free filing options to save a few hundred rupees. Free filing options may look attractive. However, they do not guide you on how you can save tax to create a secure future for your family. For example, if your current age is 30 years and you would retire at 60 years, your compounded Tax Savings could easily be about Rs. 2 crores, just by reducing your monthly TDS by Rs. 3,000.
TaxSpanner’s years of experience with lakhs of taxpayers shows that every month most taxpayers like you give away thousands of rupees as TDS from their salary. This potential annual tax saving, missed due to ignorance of tax laws, could be in lakhs and in crores till you retire. Below table can help you find out your potential tax savings by referring to the years left for your retirement and TDS in your salary slip.
| Amount of Compounded Tax Savings* in the next |
Monthly TDS in Salary Slip (₹) | ||
| ₹ 3,000 | ₹ 5,000 | ₹ 10,000 | |
| 5 years | 3,47,870 | 5,79,783 | 11,59,567 |
| 10 years | 10,27,122 | 17,11,870 | 34,23,740 |
| 15 years | 24,06,095 | 40,10,158 | 80,20,316 |
| 20 years | 50,85,990 | 84,76,649 | 1,69,53,299 |
| 25 years | 1,01,41,285 | 1,69,02,141 | 3,38,04,282 |
| 30 years | 1,94,73,533 | 3,24,55,888 | 6,49,11,776 |
* The above tax saving figures have been derived by compounding @ 10% p.a. with an assumed salary increment @ 10% p.a.
With free filing, you would surely save a few hundreds. But by spending as low as a thousand rupees, you atleast get to know the number of options you have to unlock your tax saving potential and retire rich. TaxSpanner has a vast experience in tax optimization of salaried taxpayers. Over the last 8 years, we have helped thousands of our customers save lakhs of rupees every year. Times of India, India’s largest media and entertainment group, also trusts our expertise in tax management. Every week our CFO, CA Sudhir Kaushik guides TOI’s readers on how to optimize tax through better planning of income and investments. In his latest article published on 25th April, 2016, we have proven how Ranjan, a salaried individual, can his tax outgo by over 50% in the next year by following TaxSpanner’s customized advice, despite there being no change in Budget 2016.
Like Ranjan, you too have the opportunity to save on tax. Even if we can help you save only Rs. 3,000 per month (Rs. 36,000 annually) in TDS, your compounded tax saving by the time you retire, would be in lakhs or even a crore.
This tax saving would be achieved by helping you choose tax efficient investment options within income-tax laws. The key, however, is to believe and start now. To get a better understanding of the tax saving options available to you, we suggest that you take help from our tax expert. Click here to subscribe to our ‘FILE & SAVE TAX’ package and start saving tax. You can also read how Tax Optimization works here.
