What are ELSS Mutual Funds?
Equity Linked Saving Scheme or ELSS is a type of mutual fund scheme that invests in equity markets and qualifies for tax savings under section 80C of the Income Tax Act. Investments of up to Rs 1.5 lakhs done in ELSS Mutual Funds in a financial year are eligible for tax deduction u/s 80C. It translates into a tax saving of upto Rs 46,800 in a financial year. These funds also have the lock-in of just 3 years from the date of allotment of units, lowest amongst all the options available in Section 80C.
Dual advantages of Tax-saving & potential for higher returns than traditional Tax-saving investments make ELSS a must have for every investor.
Invest in top ranking ELSS funds to plan your wealth building journey and save taxes. Compare and choose from a wide range of ELSS funds curated by ICICIdirect to benefit from high returns and save tax up to Rs 46, 800 as per Section 80C.