Fellow Traders, pay less tax this year. Invest in ELSS (tax saving mutual funds) with SAS Online best discount broker company and you can save upto Rs. 46,350 in income tax by investing upto 1.5 lakhs.
Equity Linked Saving Scheme (ELSS) are diversified, open-ended equity mutual funds that have a lock-in period of 3 years. Which means you cannot withdraw your investment before 3 years. Why would you want to lock-in your money? Because doing so provides tax benefit under Section 80C of the Indian Income Tax Act, 1961 upto 1.5 lakhs. Simply, if you invest upto 1.5 lakhs in these funds, that income is not taxable and is tax free for you as opposed to paying upto 46,350 as tax on that income.
Moreover, through ELSS funds, you can save tax and grow your wealth at the same time.
Here are some reasons why you should invest in ELSS:
|Instrument||Lock-in Period||Pre-Tax Returns||Tax Applicable||Post-Tax Return|
|ELSS||3 years||14-16%||No tax||14-16%|
|PPF||15 years||8.70%||No tax||8.70%|
|5 year Bank FD||5 years||8.50%||Interest is taxable||5.95%*|
|NSC||5 or 10 years||8.50%||Interest is taxable||5.95%*|
|Life Insurance||5 years||0-6%||No tax||0-6%|
So invest in ELSS today and save tax.
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