Equity Linked Saving Schemes (ELSS) are the best tax-saving mutual fund investments unde r section 80C of the Income Tax Act, 1961. These schemes are linked to equity investments and are, therefore, prone to market risks. ELSS has historically provided investors with superior returns as compared to other tax saving instruments.
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Other investment options under 80c
Tax Saving Fixed Deposit
Public Provident Fund
Employee provident fund
National Pension System
National Savings Certificate
Unit linked Insurance Plans
Fixed Deposits (FD)
Tax-saving FDs can avail the tax relief provided under Section 80C. FDs provide the investor with a fixed rate of interest on deposits and are therefore considered safe and stable investments.
Public Provident Fund (PPF)
The PPF was introduced in 1968 by the National Savings Organization to promote small savings and investments. This scheme provides investors with the dual benefit of savings and stable returns.
Employee Provident Fund (EPF)
The EPF is a savings fund created for salaried employees. The employer deducts 12% from the basic salary+DA of the employee and contributes it towards the EPF or other recognized provident funds.
National Pension Scheme (NPS)
The NPS is a pension scheme started by the Government of India for the working sector to provide workers with a pension after retirement. Contributions up to Rs. 1.5 lakhs are deductible from the contributor’s taxable income under Section 80C.
Unit Linked Insurance Plans (ULIP)
ULIPs invest part of the investment in insurance and the remainder in equity. Investments of up to Rs. 1.5 lakhs are deductible from the investor’s taxable income under Section 80C.
Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana is a saving scheme targeted at to help the girl child in India. The scheme aims to form a saving for girl child education and marriage.
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Section 80C of the Income Tax Act allows for a deduction of up to Rs. 1.5 lakhs from an assessee’s taxable income...
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Frequently Asked Questions
Are the returns on ELSS taxable?
By when can I invest in ELSS?
What is the KYC procedure with Piggy?
Can ELSS help me beat the effect of inflation on my income?
What are ELSS?
What are the tax benefits of ELSS?
Can I invest through SIP?
Is my investment prone to market risks?