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ELSS Mutual Funds - Smart Option to Save Tax & Create Wealth

The ELSS is a sub-category of equity mutual funds that has the major objective of providing tax saving benefit to the investors. The investments in these are made in the equity instruments, and thus they not only provide tax deduction, but also help in appreciating the capital worth. Thus, if you are investing in the ELSS funds you gain the dual advantage of tax savings & wealth creation.

Recommended Funds  
Scheme Name Category Nav Return(%) Rating Analysis Amount Action
Tata India Tax Savings Fund (G) Earlier known as Tata India Tax Saving Fund (G)
ELSS 12.76

Aditya Birla Sun Life Tax Relief 96 Fund (G) Earlier known as Aditya Birla Sun Life Tax Relief 96 (G)
ELSS 12.94

L&T Tax Advantage Fund (G) Earlier known as L&T Tax Advantage (G)
ELSS 12.72

ELSS 11.78

Invesco India Tax Plan (G) Earlier known as Invesco Tax Plan (G)
ELSS 12.51

DSP BlackRock Tax Saver Fund (G) Earlier known as DSP BlackRock Tax Saver Fund (G)
ELSS 12.22

ELSS 11.63

Sundaram Diversified Equity Fund (G) Earlier known as Sundaram Tax Saver (G)
ELSS 10.91

Kotak Tax Saver Fund (G) Earlier known as Kotak Tax Saver (G)
ELSS 9.76

ELSS 8.79

ELSS 6.64

Canara Robeco Equity Tax Saver Fund (G) Earlier known as Canara Robeco Equity Tax Saver (G)
ELSS 10.92

UTI Long Term Equity Fund (Tax Saving) (G) Earlier known as UTI Equity Tax Savings Plan (G)
ELSS 9.18

HDFC TaxSaver Fund (G) Earlier known as HDFC Tax Saver (G)
ELSS 9.12

ELSS 8.25

ELSS 10.12

ELSS 6.59

Motilal Oswal Long Term Equity Fund (G) Earlier known as Motilal Oswal MOSt Focused Long Term Fund - Regular Plan (G)
ELSS 15.61

Mirae Asset Tax Saver Fund (G) Earlier known as MIRAE ASSET TAX SAVER FUND - REGULAR GROWTH

Mahindra Mutual Fund Kar Bachat Yojana (G) Earlier known as Mahindra Kar Bachat Yojana - Regular (G)

ELSS - Tax Saving Mutual Funds Providing Capital Growth

Investing in ELSS funds is one of the best tax saving options providing tax deduction under Section 80C of the Income Tax Act. The tax saving plans are the best investment plans which provide higher returns on the invested capital along with saving income up to Rs. 1.5 lakh to avail reduction in the tax liability. With a lock-in period of three years and investments made in the equity-related securities, ELSS tax saving mutual funds tend to provide the maximum benefits of earning wealth over time. Due to the maturity period of three years, the invested capital gets enough time to get enriched. To gain better understanding and know how ELSS funds provides higher earnings, read the content further.

ELSS: Meaning

ELSS mutual fund is a category of equity funds where at least 65% of the total invested money is parked in the equity shares and securities. As per the Section 80C of the Income Tax Act, 1961, there are several investment instruments being listed out that provide a deduction from the total taxable income of the assessees. The ELSS tax saving mutual fund is one of those listed instruments in Section 80C that aims to provide the same benefits to the investors. By investing in these tax saving funds, one can claim a deduction from the total taxable income of an amount up to Rs.1.5 lakh. 

ELSS Mutual Fund Features

Equity Investments Providing Capital Growth - Being a category in the equity asset class, ELSS funds provide the benefits of equity investments in the long run. As we know that equities generate tremendous growth for the investors, in the long term, the ELSS tax saver fund also provides the same benefit. It helps in earning huge wealth for the investors and appreciates the capital in order to attain the long-term investment goals. After beating market volatility, the schemes in the tax saving plans generate higher returns.

  1. Tax Savings Under Section 80C - The Income Tax Act provides tax deduction under Section 80C, and the best ELSS helps in attaining the same. One can easily avail the deduction up to Rs.1.5 lakh on the total income, and reduce taxes up to Rs.43650 in a financial year.
  2. Lowest Lock-In Period - There are various tax saving options in India, but ELSS has the least lock-in of three years as compared to other alternatives. Accordingly, the money of the investors does not get blocked for a longer tenure, rather can be redeemed anytime after three years. In some other tax saving plans, the maturity is even up to fifteen years.
  3. No Capital Gain Tax - The ELSS investments also provide the benefit of tax exemption on the income earned in the form of capital gain. This way, the investors need not pay any money to the taxman in terms of earnings from the sale of ELSS funds.
  4. Dividend & Growth Option - The investors have the option to invest their money either in the dividend or growth option plan through SIP or lumpsum. The dividend plans are those wherein the investors earn dividend or income regularly, while in the case of growth option, these provide the capital appreciation after a period of time.

How to Select the Best Tax Saving Mutual Fund

Tax saving funds are the ones that mainly tend to provide the benefit of claiming a deduction on the income. While selecting these schemes, one needs to be extra careful as several provisions and factors need to be kept in mind. Your must have an in-depth study of each and every tax saving option available to you. Don’t just go by mouth publicity. The reason being is that the ELSS mf suitable for one person may not have the same efficiency for the other. Thus, it is essential that before investing, one must carefully study the market position of all the tax saver schemes. The expert's team of MySIPonline shall provide you with the best benefit for the same. They will guide you about which ELSS scheme is best suited to your requirement and why you should opt for them.

Who Should Invest in ELSS Funds?

As per the income tax slab, the assessees having income more than Rs.2,50,000 are required to pay taxes as per the rate applicable to them. Accordingly, the investors who come under the taxable slab and want to reduce their tax liability, should park their money in the ELSS funds. Furthermore, if you need to calculate your taxability, then you can use our ‘Tax Calculator’ which will help you in computing the exact sum payable for taxes and will also help you in planning how to reduce it. Investments in ELSS can be initiated with just Rs.500 and thus, investors have the benefit of starting SIP with a small sum of money and gain tremendous income.

Confused Between Different ELSS saving Plans? Take Advice Here

Tax planning is an essential part of personal finance, and everyone wants to make the best of it. There are several best-performing ELSS plans in India and opting for any one of them is quite difficult. Thus, one needs to be appropriate while choosing the right plan for their portfolio. MySIPonline has a team of financial experts and tax planners who are readily available to help you in making the best investment plan. You must get associated with us and invest your money in the right plan at the right moment. Our team will definitely provide you with the exact solutions so that you do not lag behind in tax savings as well as earning wealth for your future.

ELSS Tax Saving Mutual Funds - Modes of Investment

The online investment is the best way to start investing in the best elss tax saving mutual funds. We provide a wide range of online tools and solutions that will help you in making simplified investment. You can opt for the tax calculator, tax planning, best ELSS schemes and other solutions to make the right choice and start online investment in mf. The online SIP is further an additional solution that will simplify your investment journey and let you make better earnings with tax savings.

To provide you with the best-investing options in ELSS we are working day in and day out. You can trust our site as we include only those plans which are really worthy. Our experts have come up with the chart-buster ELSS schemes like, Axis Long Term Equity Fund (G), Reliance Tax Saver (ELSS) Fund (G), etc.

What our clients say...
  • I have registered at this portal after seeing its four-star ratings and invested in ELSS funds. I downloaded its app from google play store for more efficiency. It is awesome!!! Offers great services, and suggestions to the investors like me. It’s just been two months that I had registered here and started investing. So I don’t have much to say anything about investing and my profits. But, I can definitely say about the services they provide. They are incomparable. Thanks!

    Ravi Khatri Product Manager
  • Happy & easy life, even in the season of March. By investing in ELSS funds, I make my life tension free during the year-end. It helps me saving an excellent amount of money from my taxable income. It is nothing less than a gift that it allows a claim of up to Rs. 1.5 lakh each financial year. I got the second surprise when I came to know about its equity benefits. I was a fool that I never knew before about the long-term equity benefits of my tax saving investment. Thanks again to MySIPonline to let me know this fact. Now I am sure to continue my investment for long term.

    Kaviraj Shekhawat Assistant Manager
  • Superb!!! A warm congratulation to the entire team of MySIPonline for becoming one of the best platforms for MF investment in India. I too have an account on your platform, and I use it almost every day. I have recently invested in some ELSS plans to avail the tax benefits. The amazingly designed dashboard and the color combination of the app are cool. Moreover, the customer support is great as it reaches us very early and resolve our issues. In short, I give five out of five in all.

    Suresh Verma E-Commerce Operations Manager
  • Few days back, I was struggling to file my income tax. I wanted to invest some part of my income in order to save it from being taxed. Was confused which one to choose between PPF and NPS and went to a friend for suggestion. He, against both of them, asked me to invest in ELSS mutual funds through MySIPonline and avail both the benefits of tax saving and wealth creation. When I contacted the team, they told me that the lock-in period was only 3 years which made me extremely happy.

    Kriti Raj Chouhan Sales Marketing Head
  • I am so happy to have found the schemes under ELSS category as it has not only helped me save tax but also provided reasonable returns. The best part is the lock-in period which is only three years. For me, it has proved to be the most suitable tax saving option and investing through MySIPonline was like a cherry on top. Such simple investment process and so helpful financial experts, Thank You team. Keep up the good work!

    Shantanu Goyal Sales Manager
  • I once paid Rs 60,000 as tax and was very much concerned at this. Then my smart wife has asked me to invest in the ELSS funds. She is a tax professor and told me that it gives exemption from income tax. Next day I only searched some best funds and invested through MySIPonline, which was again suggested by my wife. I would say that these are the best people who provide me suggestions for my future objectives. Looking forward to connecting with you soon.

    Sachin Dave IT Officer
  • I do not have a healthy approach to the financial fundamentals, but still, I am availing tax-benefits through tax saving funds efficiently. Furthermore, I am earning excellent profits on my investments. All these are possible because of the supportive team of MySIPonline; they helped me at every level to get me the best exposure in the investment world. They also have up-to-date content on their website which is self-explanatory and provides updated information. Thanks to the entire team. Keep the good work doing.

    Santosh Divakar Government Teacher
  • I recently invested in the best ELSS funds through this portal to get tax benefits. I would like to share my experience of investing through this portal, i.e., MySIPonline. Absolutely fantastic, and effortless. As this team always says that ‘simplifying investments’ they really mean it. I am experiencing an amazing journey of investing in MFs. Thanks to the owner of this platform to bring such an excellent medium for investment. Great Job!!!

    Aakash Kalra Android Developer