There are a variety of options to choose from in mutual fund schemes, based on one's risk appetite and financial goals. If one is looking for investment opportunities that can help them generate wealth, get regular returns, and/or save taxes, then ELSS becomes a great investment choice.
In recent years, it can be seen that many taxpayers have turned to ELSS schemes to avail of tax benefits. In this article, we will discuss different aspects of tax-saving ELSS or equity-linked savings schemes of mutual funds.
ELSS funds are equity-linked funds that invest a major portion of their corpus into equity or equity-related instruments. They are also called tax-saving schemes since they offer tax exemption from your annual taxable income under Section 80C of the Income-Tax Act.