Can you save tax and create wealth at the same time?
Do you pay taxes? Do you know that you can use investments as a means of saving tax and generating wealth? Section 80C of the Income Tax Act, 1961 gives you a number of investment options like FDs, PPF, NSC etc., through which you can reduce your taxable income by upto Rs. 1 Lakh and thus reduce your tax liability by up to Rs. 30,900. Equity Linked Saving Schemes (ELSS) are just such an investment.
3. Strong Dividend History
Tax-saving Investments That Could Make You Richer
Tax saving investment options laid out by section 80C of the Income Tax Act, like PPF, would normally give you returns of about 8% p.a. whereas Equity Linked Savings Schemes offer you an opportunity to earn higher returns by combining market linked returns with savings on Income Tax. Over and above that, ELSS plans have one of the lowest lock-in periods of 3 years as compared to others where the lock-in period could be as high as 15 years.
Now you need no longer worry about waiting till the end of the financial year to arrange for that Rs. 1 Lakh that you need for your tax saving investments
. BSLTR '96 makes your life easier by letting you invest small amounts (as less as Rs. 500/ month) through Systematic Investment Plan (SIP)
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