Top 5 ELSS Funds for Tax Saving
People work to earn more and more money. Each year they try to add to their savings so that they can use them in future for one or the other purpose. But, each time when the fiscal year-end approaches, they need to pay a certain some of the money out of their earnings, i.e., income tax.
However, there are certain slabs and rules for income tax eligibility which are mentioned all in the Income Tax Act of India, 1961. Not all individuals who are earning have to pay tax on their income. People who are earning just the basic survival remains untaxed as per the tax slab.
Although the taxpaying is one of the responsibilities of an individual, there are ways to reduce the liability to a significant level. Equity Linked Savings Scheme (ELSS) is one of the best and trending ways in which you can save a healthy amount of money on your taxes. Let’s know some of the best ELSS funds to invest in 2018:
Mirae Asset Tax Saver Fund: Launched recently in the late December 2016, it is one of the best schemes of Mirae Asset Mutual Fund. In the category of tax saving mutual funds, it has managed to include its name in the list of top performers. It is still kept out from the star ratings as it does not fulfil the criteria because of having launched just two years back. This scheme has gained the attention of many investors by providing excellent return on investment. By showcasing fantastic performance right from its inception, it has managed to provide 28.33% return on investment since then. The trailing returns of the scheme are:
Reliance Tax Saver Fund: Reliance Mutual Fund, one of the established brand in the Indian industry. It has its footprints in almost all the sectors and in Mutual Fund too, it is among the strong contenders in India. One of the best schemes of this AMC is Reliance Tax Saver Fund. It was launched in the year 2005 and has provided return on investment of 16.62% since then. The performance of this scheme since 2009 is quite impressive as it has made consistent movements toward growth. Therefore you too can reap the benefits of excellent returns by investing in this scheme. The trailing returns of the scheme show how it has outperformed both its benchmark, i.e., S&P BSE 100, and peers.
Axis Long Term Equity Fund: This scheme of Axis Mutual Fund is currently holding three stars ratings by CRISIL under the category of ELSS for the quarter ended September 2017. The scheme was launched in late 2009 and has managed to provide returns of 19.03% since then. In late 2013, the scheme took little aggressive steps toward attaining high growth in the capital value. Although the fund is predominantly directed toward providing tax benefits to the investor, it also serves the advantages of long-term equity returns on their investment. The trailing returns of the scheme shows how excellently it has beaten its benchmark and category:
L&T India Tax Advantage Fund: Its main aim is to generate long-term capital appreciation for the investors while providing them the tax benefits under section 80C of the Income Tax Act of India, 1961. The expert financial planners also recommend this funds for investment. The scheme has excellent track record of providing significant returns on the investment. After the launch in the year 2006, it has managed to provide returns of 15.50% since then. Therefore, you must not skip adding this scheme to your portfolio if you too want to get benefited with the significant returns on your investments while reaping the tax benefits. Let’s check the trailing returns of this scheme to know its potentiality among its peers and against its benchmark.
Aditya Birla Sun Life tax Relief 96 Fund: Among the schemes of one of the most trusted asset management companies in India, it is the one which has fantastically performed to generate the value in the capital invested by the investors. However, it is a scheme from tax saving category, it has not forgotten the primary objective of providing tax benefits to the investors. The applauding performance of this scheme helps it to reap high returns on investment for the investors. Check out the trailing returns of this scheme that shows how superior it has performed than its benchmark and peers.
Henceforth, the five best ELSS funds which are also under the recommendation of many industry experts are all mentioned above. Check out their investment details and know if they fit as per your investment profile.
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