Mr. Portman mr. President , i want to talk tonight about a once in a Generation Opportunity we have in this senate tonight to help middleclass families, to help grow our economy, and im going to talk about the facts. Im not going to be making stuff up. Im going to talk about the real middleclass tax cuts that are in this legislation. Im going to show you charts that indicate not just what kind of tax relief is going to be there for you and your family, but whos going to pay, where the burden is. And despite what youre hearing on the floor tonight from some on the other side of the aisle, the burden of taxation actually increased in this tax bill for the wealthiest americans. And in terms of defending the status quo, which is the situation now where jobs and investment are going overseas, i think it is an outrage that this body has sat and watched company after company go overseas because of our tax code. And to say we shouldnt fix it, i dont get that. If we dont lower the rate on busin
The presiding officer the senator from utah. Mr. Hatch mr. President , ive been listening to this debate for a long time, and i have to admit its been interesting. But its been prolonged to way beyond where it should have been. My friends on the other side very much make much about this process, demeaning the members and staff who really put it together. This bill was marked up in the finance committee. It is the first reconciliation bill to be processed in committee in the senate in over 12 years. During that period, democrats held power for eight of those years. Republicans four of those years. The reconciliation bill that made up part of the Affordable Care act never went through the finance committee. That reconciliation bill never went through any real senate process. Now to be fair, the Affordable Care act repeal bill that my side proposed didnt go through the finance committee either. As difficult as it was, as chairman, i put out a chairmans mark, modified it, permitted debate
Updated Mar 17, 2021 | 09:58 IST
ELSS or tax saving mutual funds which provide the dual benefit of tax saving and wealth accumulation and come with a modest lock-in period of 3 years. Here are top plans by performance Top performing ELSS mutual funds ( by returns) to help you save tax this year | Photo Credit: BCCL
The last date to make investments in order to save tax for the financial year 2020-21 is March 31, 2021. There are myriad tax-saving instruments for same but investors should not limit their choices to the safety of Public Provident Fund (PPF) and National Pension Scheme (NPS) as there are other avenues such as ELSS schemes which also give the additional benefit of wealth accumulation.
Updated Feb 12, 2021 | 08:50 IST
Keeping in view falling returns from fixed income products that also provide tax deduction under Section 80C, analysts say ELSS should be an integral part of one s retirement planning. Representational image
Key Highlights
ELSS funds primarily invest in equity products, in the long term these funds have the potential to generate superior returns.
Under section 80C of the Income Tax Act 1961, one can invest up to Rs 1.5 lakh every year in ELSS funds to get income tax deduction
Long term capital gains booked from ELSS above Rs 1 lakh per year is taxable at the rate of 10%