Frequently Asked Questions
TO’s prime objective is to maximize tax savings. In fact, it helps you to decide the right tax saving investments for you keeping in view the tax efficiency.
How Tax Optimizer Helps You?
- Understand and restructure salary components
- Additional tax savings in current financial year
- Taxpayer specific financial products and process to invest in them
- Lack of authentic and relevant Tax education/information
- Absence of personalized service
- No information on job change implications, advance tax implications
- Not knowing the status of past years tax returns
- Incorrect information on PAN Card not known to taxpayer
- Action to be taken when notice is received from ITD
- Refund tracking/follow up
Frequently Asked Questions
About Tax Optimizer
How Tax Optimizer (TO) helps you optimize taxes? And other questions:
What is Tax Optimizer (TO)?
Tax Optimizer (TO) helps you optimize taxes, i.e., to plan and save more tax within your CTC. It also helps to cut your tax outgo by restructuring income, expenses and investments for deduction in the year based on the tax laws (Click here to know more). TO’s prime objective is to maximize tax savings. In fact, it helps you to decide the right tax saving investments for you keeping in view the tax efficiency.
TaxSpanner | Others |
Tax Optimization is done by Tax Experts, NOT Sales Agents with sales targets. | the Investment Companies or agents try to lure you with their flashy marketing strategies to achieve their sales targets. |
What is Tax Optimizer+ (TO+)?
TO+ helps in selecting the right investment option and amount to be invested depending on the financial goals, net worth and income. The investments, expenses and income should be planned as per projected cash flow e.g., if there is monthly cash surplus of Rs. 1 lakh then one should plan for SIP, RD instead of keeping funds in savings account @4% interest. Tax optimization without identifying and matching the goal is short term view on your financials, i.e., saving tax only for that particular year. We recommend to take the investment decisions including the tax saving investments on long term basis and keep reviewing annually. TO+ also helps in diversification of assets in the right proportion to get higher returns with moderate/low risk. Insurance planning is part of TO+, i.e., providing adequate insurance for life based on the financial liabilities and cost of insurance. It further informs about the tax efficient options for regular income during retirement life and how much to contribute towards each option. Tax2Wealth - To compute and compare the return on investment and replace them to generate superior post tax returns is the ultimate goal of TO+.
TaxSpanner | Other eFilers: |
TO recommends to take the investment decisions including the Tax Saving Investments on long term basis and keep reviewing annually. | Other eFilers do not provide any Tax Optimizer tool. |
TO helps in diversification of assets in the right proportion to get higher returns with moderate to low risk. | Other eFilers do not provide any Tax Optimizer tool. |
Insurance Planning is part of TO |
What is the difference between TO and TO+ services?
TO helps you optimize taxes, i.e., to plan and save more tax within your CTC. It also helps to cut your tax outgo by restructuring income, expenses and investments for deduction in the year based on the tax laws (Click here to know more). These recommendations are tax efficient but not necessarily as per your financial goals. The investments, expenses and income should be planned as per cash flow. The asset allocation and investment amount in the same is best possible if we know your current asset position as well as financial goals. This helps in diversification of assets and insuring life and health risk profile. TO+ takes a 360-degree holistic approach to your personal balance sheet, profit and loss statement, and cash flows to arrive at the best possible outcomes. This involves analyzing your assets and liabilities, and your net worth. These outcomes are a functions of the macroscopic and microscopic lens and in-depth analysis by our team, taking into account each and every aspect of individual financial health. This report is a comprehensive solution which balances tax optimization and financial planning.
TaxOptimizer (TO) | TaxOptimizer (TO+) |
TO recommendations are tax efficient but not necessarily as per your financial goals. | TO+ takes a 360-degree holistic approach to your personal balance sheet, profit and loss statement, and cash flows to arrive at the best possible outcomes. |
TO considers income, expenses and investments for deduction in the year based on the tax laws | TO+ analyses your assets and liabilities, and your net worth. These outcomes are a functions of the macroscopic and microscopic lens and in-depth analysis by our team, taking into account each and every aspect of individual financial health. |
TO gives you report on planning and saving more tax within your CTC. | TO+ report is a comprehensive solution which balances tax optimization and financial planning. |
Will my Tax Optimization be based only on further investment?
Are the 30+ Tax saving components based on IT Act?
Yes, everything suggested by the tax experts at TaxSpanner is under the purview of IT Act.
Besides the investments under Section 80C, what are the other options available for Tax Saving?
There are 25+ other components available in the Tax Optimization Report, apart from 80C which will help you in saving tax as per the IT act.
How is taking a home loan a good Tax Saving option?
We always advise our customers to stay in a rented house and give their own house, which has been acquired by opting for home loan option, on rent. This gives them tax benefits u/s 80C as well as entitles them to avail loss on house property which reduces their taxable income and in turn the taxes. Ideally, home loan on rented property helps in saving almost 20% of the total taxes, making it a very lucrative tax saving option.
Without A Home Loan | Advantages With A Home Loan |
Unable to avail loss on house property | It entitles taxpayer to avail loss on house property which reduces their taxable income and in turn the taxes. |
Without a home loan on rented property taxpayer cannot save almost 20% of the total taxes. | With a home loan on rented property a taxpayer is able to save almost 20% of the total taxes. |
Cannot build a house property of more than the cash available | With a home loan the taxpayer is able to build a house property of much more value over the years since the taxpayers own contribution is about 15-20% of the property. |
Do you recommend medical insurance over and above medical cover provided by my employer?
Medical deduction under section 80D is the least used tax benefit due to ignorance on the part of most salaried persons, who rely on the basic medical coverage provided by the employer applicable only when one is employed with them. Moreover, the actual medical bills are way higher than basic medical cover, i.e., Rs. 3-5 lakhs provided by the employer. Hence, as part of tax optimization, we recommend the best medical insurance and tax saving plan applicable to you and your family.
Medical Insurance only by Employer |
Employer’s and own Medical Insurance |
Only available during the tenure of his/her employment. |
It is available even during the cessation of employment of the taxpayer. |
Generally the actual medical bills are way higher than basic medical cover, i.e., Rs. 3-5 lakhs provided by the employer. |
The taxpayer can cover all the medical contingencies by having a higher medical insurance cover according to his/her family need. |
Tax Optimizer Process and Packages
All about Tax Optimizer packages specially built for Accenture employees:
What is the process of availing Tax Optimization services?
Step 1: Accenture employee portal would display a page dedicated to Accenture employees’ financial well-being. Here, you would find TaxSpanner offerings w.r.t. Tax Optimization services, especially designed for Accenture employees – you can view packages, get their details, contact support, etc.
Step 2:Make payment for the package suitable to your requirements.
Step 3:Post successful payment, you would be directed to TaxSpanner portal where you can download your basic Tax Optimizer report and review it (included in Self package as well). A TaxSpanner representative will connect with you over call as per the SLA mentioned in package details, to start the tax optimization process.
If I switch my job from Accenture, how will I avail the package that I purchase now?
In case the user switches his/her job from Accenture, he need to follow these steps for updating the registered email id on Taxspanner.com
He/she can do so by dropping an email at support@taxspanner.com with a scan copy of PAN Card and new email id so that SP will update the user email id within 24 hours.
After the change of email Id, he/she can continue getting all the benefits that we available in the package that he/she purchased.
What will be the charges of availing TO? What are the different services/packages especially available for Accenture employees?
There are 4 packages for Tax Optimization that are being offered to Accenture employees at discounted rates:
TaxSpanner Advantages to Accenture employees |
Other eFilers |
TaxSpanner provides provides you a simplified process of e-filing and also provides Self learning videos/content to do it yourself. |
Other eFilers like the ITD portal does not offer such a simple platform. |
With just uploading your Form 16 your income and tax calculations and other relevant details are pre-filled to facilitate your e-filing process. |
You need to fill in all the details in the portal to before you can see your income and tax calculations. |
You can include other income heads also by uploading other Form 16 such as for Rental Income, Other Income etc. |
You need to manually fill-in the details. |
Your ITR review is done by the tax experts here at TaxSpanner.com |
No such review options available. |
20 minutes Expert on Call is available when you have to clarify any individual tax matter. |
No such help options available. |
Double Taxation Avoidance Act (DTAA)/Tax relief computation offered with Gold and Platinum Plans when you need it. |
No such guidance available. |
Assets Declaration of Income (50Lacs) is provided on demand in Gold and Platinum Plans |
No such facility available. |
Expert’s Guidance on Capital Gains, Carry Forward of Loss and Relief u/s.89 provided in Gold and Platinum Plans. |
No such guidance/facility available. |
Tax saving recommendations and Financial Planning Services included in Gold and Platinum Plans. |
No such guidance/facility available. |
A Comprehensive Financial Planning is offered in the Platinum Plan for your financial well being taking a 360-degree view. |
No such guidance/facility available. |
All the above benefits at a very reasonable cost only available to Accenture employees. |
Money saved with FREE filing is too small compared to the peace of mind that come from when you get a Tax Expert’s Recommendations not only on taxation but also on your Financial well-being |
What will be the process of Tax Optimization?
- Share the documents/information (depending on the package availed) as mentioned below:
- Pay Slip (Latest)/ CTC details
- Income Tax Computation sheet
- Housing Loan/property details
- Investments details (LIC, Medical Insurance policy, etc)
- Dependent Relatives with ages (mention if anyone in the family suffers from a disability or illness)
- Rent Paid (if applicable), or rent received (if applicable).
- Get Tax Optimization Report (TOR) in 1 business day from the payment date
- Read carefully the complete TOR with point wise explanation given in the report
- List down your top queries or doubts for discussion as the time for discussion is limited to 60 minutes (you may extend the time @Rs.999 for 30 minutes in advance or as per need)
- Send these queries for discussion with CA with preferred timings
Can we upgrade the package from TO to TO+?
How much time will it take for the completion of Tax Optimization service?
It takes 1 to 3 business days for the full Tax Optimization service to be completed.
In how much time a CA gets assigned to me once I have made the payment?
What are the documents that I need to share for TO service?
- Pay Slip (Latest)
- Income Tax Computation sheet
What are the documents that I need to share for TO+ service?
- Pay Slip (Latest)
- Income Tax Computation sheet
- Housing Loan/property details
- Investments details (LIC, Medical Insurance policy, Mutual fund, Equity, etc.)
- Completely filled Input sheet (Click here to access it)
I don’t have Income Tax Computation sheet. Can you help me without it?
Can I make investments through TaxSpanner website?
Why Tax Optimizer?
All the reasons for making a wise decision for opting for Tax Optimizer:
Why should I go for Tax Optimizer?
How is Tax Optimizer better than my current saving plan?
Why should I pay for Tax Expert services when I have already done maximum tax savings?
Why do you think that I am losing a lot of money by paying too much taxes?
What is the difference between common Tax Saving and Tax Optimization?
How will TO+ help me in achieving my financial goals?
What are the benefits of Tax Optimizer+ (TO+)?
- Single Dashboard for your complete financial well-being
- Well established and trusted
- Enhances return up to 30% thus adding to your wealth
- Balances the maximum return and minimal risk in your journey to be rich
- Balances tax optimization and financial planning
- Prepares personalized financial roadmap customized for you
- Serves as financial roadmap for life with annual review
Is Tax Optimizer approved or appreciated by any agency?
Can a tax expert guide me on the basis of my Company Rules as my company doesn’t allow me to do changes in my salary structure?
Can Tax Expert also help in proof submission to my employer?
What is the right way of doing tax saving investment?
- Calculate your tax liability before investing to know the scope of saving tax u/s 80C
- Check how much you have already contributed or need to contribute towards your existing commitments this year
- Link your tax saving plans with your financial goals
- Evaluate various products in terms of financial need, diversification and return on investment
- Do not restrict tax saving only to investing under Sec 80C
Proof submission activity gives you the right opportunity to not only assess options u/s 80C, but also to go beyond and explore all possible tax saving strategies available to you within the Income Tax laws. And our Tax Optimizer+ does this exactly for you. Moreover, our team would help you to get the right investment as well with our associates.
Why should I hire a Tax/Financial planner to manage my money?
What is the difference between my insurance/mutual fund/real estate/investment advisor and a tax expert?
Tax E-Filing - FAQs
All the reasons for making a wise decision for opting for E-filing at TaxSpanner.com:
What is a return of income?
What are the benefits of filing my return of income?
Will I be put to any disadvantage by filing my return?
What is the due date for filing returns of income/loss?
Why is return filing mandatory even though all my taxes and interests have been paid and there is no refund due to me?
When is it mandatory for an individual to file return of income?
So far, I have never paid any tax. If I file a return this year will the IT department ask me about my earlier year’s income?
Is it necessary to file return of income when I do not have any positive income?
My taxable income is above 5 lakh, do I need to file return of income electronically?
From where can I get a return form?
Which return form is applicable for me on the basis of my Total Income or Sources of income?
Where and how am I supposed to file my return?
Who is an Assessing officer?
I am going out of India. Who will file my income tax return for this period?
If I fail to furnish my return within the due date of filing, will I be fined or penalized?
[Applicable for ITR 1 to 7]
Up to Assessment Year 2017-18, if assessee fails to file the return of income before the end of the assessment year, penalty under Section 271F may be imposed by the Assessing Officer. This penalty provision was omitted by the Finance Act, 2017.
In lieu of such penalty, the Finance Act, 2017 levies a new fees if assessee does not furnish the return of income on the due dates prescribed under Section 139(1).
The amount of such late filing fees shall be:
A. Rs. 5,000 if return is furnished after the due date but before December 31 of the assessment year [Rs. 1,000 if total income is up to Rs. 5 lakhs].
B. Rs. 10,000, in any other case.
After introducing this new provision, the assessees shall now be required to pay the late filing fees under section 234F along with interest under section 234A, 234B and 234C before filing of return of income. The Income-tax Dept. shall not be required to initiate the penalty proceedings separately to levy such fees on late filers.
Relevant changes have been incorporated in the new ITR forms wherein a new row is added to enable the assessee to fill the details of late filing fees.
Can a return be filed after the due date?
If I have paid excess tax how and when will it be refunded?
There are various deductions that have not been reflected in the Form 16 issued by my employer. Can I claim them in my return?
If I have committed any mistake in my original return, am I permitted to file a revise return?
How many times can I revise the return?
Am I required to keep a copy of the return filed as proof and for how long?
Am I liable for any criminal prosecution [arrest/imprisonment etc.] if I don’t file my income tax return even though my income is taxable?
Who should pay advance tax and why?
How do I pay tax to the government?
- Visit the link: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
- Select Challan No 280
- Select code 0021 for tax applicable, relevant assessment year (mention current year filing), and Type of payment as '300' for self assessment tax or ‘100’ for advance tax
- Enter the whole amount of the tax due under the head Basic Tax, leaving all other entries blank
- Save the soft copy of the challan generated by your bank on your PC
Why should I choose TaxSpanner for Filing My ITR?
- Always there for your support
- Awesome UX
- It's Fast
- Leaves nothing on chance
- All you may need in one place
- Data Privacy & Confidentiality
- Your data is always secure
- Complete solutions
- No mis-selling
- No hidden fees