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If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
The end of financial year 2017-2018 is heading nearer and you must be searching for an investment option which could save tax under section 80C of Income Tax Act, 1961. If you are also doing the same, then you must consider adding ELSS scheme in your portfolio to avail the best benefits of it. Equity Linked Savings Scheme (ELSS) is a mutual fund investment category which majorly invests in the various equity and equity related securities of different companies. One can invest at any point of time in an open-ended ELSS through various investment processes like SIP and lumpsum. On the other hand, there are closed-ended ELSS which accepts investments during New Fund Offers (NFO) only. This Fund is best known for its tax benefit which it offers to the investors.
As per the Section 80C of the Income Tax Act of India, 1961, a taxpayer can retain an amount up to the extent of Rs 1,50,000 from his total taxable income in every financial year. It means that an individual taxpayer can save tax on the income of up to Rs. 1,50,000 or less, but they need to show an investment of the same amount for the same year. The ELSS scheme is designed especially for tax saving purpose only, but you can avail more of its benefits which includes:
Exposure to Equity: It allows the investors to take the exposure of the equity market because it invests majorly in the stocks. You can avail multiple benefits of investing in this category, viz., tax savings, and superior returns from equities. There can never be such amazing deal on any other scheme like this. It saves your money from tax and again fetch your returns on what you invest. Therefore, it is one of the favourite schemes of many investors who are earning big yields.
Out-Performing Category: Not the scheme of any individual asset management companies but the entire category of Equity Linked Savings Scheme (ELSS) is performing excellently well in the mutual fund industry. The schemes under this category has showcased amazing performance since their respective launches. It is utmost beneficial for the investors because upon the advantage of tax, the excellent performance of the scheme allows them to fetch greater returns.
Goal Planning: This category dominantly invests in various equity and equity related securities of the different companies which are capable of generating good returns over the period of time. It helps in the appreciation of the invested capital over years, and it is well known that equity schemes are famous for generating exceptional returns in the long term. So, you can easily plan any financial goals which you want to achieve over a long-term period.
Lock-In Period: ELSS fund comes with the least lock-in period than the other tax savings instrument. The investments in this category are locked-in for the minimum period of three years only. Whereas, the other instruments like PPFs, NSC, FDs, etc., comes with the minimum lock-in about more than five or seven years. So, in the field of tax saving instruments also it wins the battle of being at the top in terms of lock-in period.
Moreover, there are many other advantages of investing in ELSS category which make it distinct from the other investment categories. You can also enjoy the tax benefits by investing in this category.
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