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You are here : IndiaNotes >> Managing Money >> Tax Centre

Tax Saving through ELSS

Achiievers Equities | 20 Mar, 2014  | Follow Author | Add to my Favourites 
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Mutual Fund - Equity Linked Saving Schemes


Tax woes often make life seem like a burden. Achiievers Wealth are pleased to present you Equity Linked Tax Saving Schemes, to assist you with tax savings as per your requirement & to address two critical issues: tax planning and wealth creation.


- ELSS (Equity Linked Savings Scheme) is diversified equity fund with a lock-in period of 3 years that provides tax savings and aims for growth.

- These funds offer tax benefits (Individual /HUF) under Section 80C of Income Tax Act, 1961 according to which, investment made up to Rs 1 lakh in ELSS is deductible from taxable income.

- Investments up to Rs. 1 lakh in ELSS funds are eligible as deduction from taxable income u/s 80 C


Illustration: It helps in saving considerable amount of taxes if planned efficiently.


Annual Taxable Income

Tax before investment

in ELSS

Maximim amount to invest in ELSS

Taxable amount

post ELSS investment

Tax after investment

Savings

200,000

0

100,000

100,000

NIL

NIL

400,000

20,000

100,000

300,000

10,000

10,000

600,000

50,000

100,000

500,000

30,000

20,000

1,200,000

190,000

100,000

1,100,000

160,000

30,000

All figures are in rupees. (The tax calculations shown above are as per the IT slab applicable to General Individual/ HUF assessee for FY 2013-14 exclusive of cess & surcharge.)ing the one which suits your need. Let’s have a look at these options in detail.


A smart tax plan can generate incremental returns on the investments along with tax saving benefit. There are various tax saving investment options available. In order to optimize the benefits it is crucial to analyze the available options & selecting the one which suits your need. Let’s have a look at these options in detail.


A major advantage of ELSS over other tax-saving instruments like NSC/PPF/Bank Deposits etc is the shorter lock-in-period (3-years) with the potential for higher returns.

 

Achiievers Equities’ Recommendations

Axis Long Term Equity

Birla Sun Life Tax Relief 96

HDFC LT Advantage

ICICI Prudential Tax Plan

L&T Tax Advantage

SBI Magnum Tax gain




About Achiievers Equities

Achiievers Equities is one of India’s leading financial conglomerates, offering complete financial solutions that encompass every sphere of life. They have expertise in advisory services for both cash and derivative sides of capital and commodity market and are also distributors of savings/investment instruments like Mutual Fund, Bonds, IPO, Corporate Fixed Deposits and Insurance.


For more information please contact [email protected]


Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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