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ELSS stand as a favoured investment choice for tax savings under Section 80C of the Income Tax Act. They provide a dual advantage of tax savings along with the potential for wealth creation.

“This change is generally to bring uniformity across the names and the category. This guideline by Sebi will bring parity on the name of the schemes. Most of the fund houses have it in other categories, now they are bringing parity in this category,” says Chokkalingam Palaniappan, Director of Prakala Wealth, a Chennai-based advisory firm.

​Fund houses earlier used to name their schemes as per their choice, but the new names have ELSS and/or tax saver in them. For example, ICICI Prudential Long Term Equity Fund (Tax Saving) is renamed ICICI Prudential ELSS Tax Saver Fund. Similarly, Mirae Asset Tax Saver Fund will now be called Mirae Asset ELSS Tax Saver Fund.

Here is the list of 5 best-performing tax-saving mutual fund schemes that can save you a lot of money and earn a lot more at the same time.

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