Ahmedabad : The dictum is a 'rupee saved is a rupee earned'. But for well-known tax consultant Mukesh Patel a rupee saved from tax is the same as a rupee-and-a-half earned.

Addressing a large gathering at the release of his fifth book 'Save Tax, The Smart Way' authored with his son Jigar an international tax attorney, he said that the primary aim of the book was to show how to save one's hard-earned rupee from tax lawfully with the help of intelligent tax and investment planning (TIP).

"TIP is both an art and a science. It is a science since it is based on correct information, tested principles and logical statistics. However, is also an art since it involves intelligent analysis, judicious decision-making and a sixth sense of visualisation," he said.

The idea is to create greater awareness about financial planning, which encompasses within its folds personal tax and investment planning, he said adding that one should have a strategy to channelise savings and investments so as to maximise income and wealth and minimise taxation. "Two important factors inflation and tax cause erosion of capital. An individual can't do much to control inflation, since it is a macro phenomenon. However, what one can do with prudence is tax planning and multiplying value of investment within the framework of law."