Income and expenditure are the two sides of the same coin. However, when the time comes to pay income tax, you cannot act blind towards it and at the same time you would not want it to have an impact on your wallet. While you cannot dodge taxes, you can still lessen its affect on your income.
Make tax saving investments to minimize the affect of income tax on your income!
Tax savings investments allow you to save on tax as well as increase your savings. Tax saving mutual fund schemes is one of the tax saving investments. Want to save tax and try to grow your savings at the same time? Enjoy the dual benefit of saving tax as well as the potential to earn long-term growth by investing into the below-mentioned Mutual Funds. While offering the potential of growth through investments into equity markets, these Mutual Funds also offer tax benefits.
The following funds may be suitable for investors who seek to save tax:
Investment in ELSS schemes is subject to lock in period of 3 years from the date of allotment of units. The tax benefits are as per the current income tax laws and rules. Investment in Rajiv Gandhi Equity Savings Scheme (RGESS)* – subject to lock in as per Rajiv Gandhi Equity Savings Scheme (RGESS)*. Investors are advised to consult their tax advisor before investing in such schemes.
** No deduction under Rajiv Gandhi Equity Saving Scheme (“The Scheme”) shall be allowed in respect of any fresh investment made from 01.04.2017 onwards: However, an investor, who has invested in listed units of an equity oriented fund in accordance with the scheme and claimed deduction under section 80CCG of The Income Tax Act, 1961(“The Act”) financial year commencing before the 1st day of April, 2017, shall be allowed deduction under this section till the financial year ending on the 31st day of March, 2019, if he is otherwise eligible to claim the deduction in accordance with the other provisions of the section 80CCG of The Act.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.