Top 5 ELSS Funds

ELSS or Equity Linked Saving Schemes are mutual funds which enjoy a tax-saving benefit under Section 80 C of the Income Tax Act, 1961. Investments in ELSS can be made up to a maximum limit of Rs 150,000 every year. This amount can be claimed as deduction from the total taxable income, providing a relief of up to Rs 46,800 in tax for taxpayers in the highest tax bracket. The article explains in detail the working of the ELSS and provides a pointer some of the best in the market 

Meet Raj Mehta, a young professional working with a multinational IT company. While sipping his coffee and checking his emails one morning, a message from the Human Resource Department caught his eye. It was a notice – a reminder for submitting his investment proofs under Section 80 C. Faced with the familiar options of Public Provident Fund (PPF), fixed deposits, ULIP and such tax-saving investment channels, Raj felt that it was time to explore more options. And that is how he stumbled upon the Equity Linked Saving Scheme (ELSS). As he delved into the domain of ELSS, he discovered that it was not just another tax-saving instrument but something quite different from the rest.