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Tax-saving mutual funds, or ELSS, provide investors with tax benefits under Section 80C of the Income Tax Act, of 1961. The lock-in period inculcates a good habit among investors to thrive for long-term investing while putting their money in an equity-related instrument.
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.
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Income taxpayers often invest in certain instruments to reduce their taxable income and these instruments include Life Insurance Policy, SIP, ULIP, NPS, ELSS, PPF, NSC among others.