Investment options for Tax Exemption under Sec. 80C.
Tax planning is a way by which you arrange your financial affairs in such a way that without breaking up any law you take full advantage of all Exemptions, Deductions, Rebate and Reliefs allowed by law so that your tax liability will be reduced.
By investing in ELSS, you can save up to Rs. 46,350/- per annum in taxes and also aim to create wealth with equity markets!
Section 80C of the Income Tax Act, 1961 provides options to save tax by reducing your taxable income by up to Rs. 1.5 Lakh. Tax saving of Rs. 46,350 is calculated assuming qualifying amount of deduction is Rs. 1.5 Lakh and investor falls in the top income tax slab of 30% and includes applicable cess.
Advantages of Investing in Equity Linked Saving Schemes (ELSS)
- Least lock-in period for 3 years.
- After 3 years you can redeem and reinvest to take the tax benefit in that year also.
- Investments in Equity over a long term would delivers better returns
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