Stay updated with breaking news from Equity Linked Saving Scheme. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The National Pension System (NPS) is crucial for tax-saving and retirement planning for the middle class. Insights include focusing on tax benefits, avoiding Tier II Account, and utilizing available tax deductions effectively.
Mutual fund investors look for schemes that multiply their investments twice or thrice. An ETMutualFunds analysis found that three equity mutual funds turned Rs 1 lakh to Rs 1 crore in 30 years.
Your money in an ELSS is locked in for three years, even if you invest in excess of Rs 1.5 lakh. But mind the lock-in when you put your money through SIPs. Each SIP instalment gets locked in for three years.
Budget 2023 made the new income tax regime the default regime. Since this regime doesn’t give Section 80C benefits, ELSS, or tax-saving mutual funds, have lost their tax-benefit edge. Aside from taxpayers who would still opt for the old tax regime, it remains to be seen if ELSS funds can sell themselves purely on performance.
Budget News: n the recent Budget 2024 speech, the Finance Minister kept the Section 80C tax deduction limit unchanged.