Best Investment to Save Tax Before March 2017
Now when the last quarter of the financial year 2016-2017 has begun, the time has come to evaluate your tax planning for this year. The deadline March 31, is not so far and you need to make proper arrangements now to save on your taxes. If you still have not made any plan for saving taxes for this FY, then this is an alarming moment for you. Its time to awake and get started!
It is always suggested to make tax planning at the beginning of the financial year so as to avoid the discrepancies that arise due to sudden decisions made at the year end. Many of you might have not planned for taxes for the current financial year and now would be looking for options to choose from. There are chances that your advisors would take advantage of your situation and earn profits keeping your interest on sake.
No one wants to get indulged into any wrong deed, and thus it is required to make a proper plan for everything. For taxes as well, planning plays a pivotal role. If you have not yet planned for saving taxes this year 2016-2017, then do not lose hope as we have a perfect solution for you. Top ELSS Mutual Funds schemes investment is the best strategy for you.
The deadline is approaching fast, and as per your income level, you need to pay taxes. But if you want to save your money and do not want to pay your hard-earned income to the taxman, then take the right step towards investing in the ELSS Funds.
What Does ELSS Funds Provide?
The ELSS, i.e., the Equity Linked Saving Scheme is one of the most essential schemes in mutual fund investments that provide tax saving options to the investors. As per Section 80C of Income Tax Act, 1961, every investor who puts the money in the Equity Linked Saving Scheme for a minimum period of three years is eligible to avail tax exemption up to Rs.1,50,000. The scheme offers the strategy which is open-ended in nature and has a lock-in period of three years only. Moreover, the investments under this plan are made in the equity stocks of the companies, and thus they offer the capital appreciation in the long run.
Apart from gaining tax exemption in the current year income by investing in ELSS, the interest or dividend received on this scheme is also exempted from tax under the provisions of Income Tax Act. Furthermore, the capital gain earned at the time of selling the ELSS is not included in the taxable income. Accordingly, the investors gain superior benefits from the investments made in the ELSS schemes.
As the financial year(FY) 2016-17 is about to end soon, you still have time to avail the tax exemption under Section 80C and reduce your tax liability for this year. With this, you can secure your future as well and accomplish your long-term investment goals. No wonder it is the last quarter of the year, you can still plan your taxes the way you want now!
We at MySIPonline provide the best online ELSS schemes to help our investor avail the tax benefits. If you too are looking for making a tax-saving plan for FY 2016-17, then initiate your investment in ELSS now. With this, you will gain the dual benefits of growing capital and saving taxes. If you further need assistance on making the right investment for your future, you must get associated with our advisory team available at your service.
- LTCG Tax Is Not As Negative As it Seems; Here’s Why?44224 min read Jan 01, 1970
- Sensex Plunges Over 1000 Points; Should You Buy or Hold Your Investments for Correction?45063 min read Jan 01, 1970
- Sensex Dives Nearly 840 Points: Things to Consider and Experts’ Take45923 min read Jan 01, 1970