This article contains the various information and advantages of the ELSS which help it to become among the top investment plans of mutual fund.
The end of financial year 2017-2018 is heading nearer and you must be searching for an investment option which could save tax under section 80C of Income Tax Act, 1961. If you are also doing the same, then you must consider adding ELSS scheme in your portfolio to avail the best benefits of it. Equity Linked Savings Scheme (ELSS) is a mutual fund investment category which majorly invests in the various equity and equity related securities of different companies. One can invest at any point of time in an open-ended ELSS through various investment processes like SIP and lumpsum. On the other hand, there are closed-ended ELSS which accepts investments during New Fund Offers (NFO) only. This Fund is best known for its tax benefit which it offers to the investors.
As per the Section 80C of the Income Tax Act of India, 1961, a taxpayer can retain an amount up to the extent of Rs 1,50,000 from his total taxable income in every financial year. It means that an individual taxpayer can save tax on the income of up to Rs. 1,50,000 or less, but they need to show an investment of the same amount for the same year. The ELSS scheme is designed especially for tax saving purpose only, but you can avail more of its benefits which includes:
Moreover, there are many other advantages of investing in ELSS category which make it distinct from the other investment categories. You can also enjoy the tax benefits by investing in this category.
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