What is ELSS & Its Advantages?
In your journey towards wealth creation, investments are of greatest importance. Depending upon an individual’s financial requirements along with the ultimate goal of wealth creation, there have been several options when it comes to investing your hard-earned money. Generally, you can invest in asset classes of broad categories: high-risk an investment like real estate, equity shares or mutual funds, a low-risk an investment like fixed deposits, government bonds or postal schemes. What is ELSS (Equity Linked Saving Schemes)? E LSS funds are equity funds that invest a major portion of their corpus into equity or equity-related instruments. ELSS funds are also called tax saving schemes since they offer tax exemption of up to Rs. 150,000 from your annual taxable income under Section 80C of the Income Tax Act. Who should invest in ELSS? · If you are someone who has just started earning and are looking for a safe and reliable investment, then you could consider ELSS.