how to save tax from mutual funds, under 80C.. to save your income tax.. this is the last chance! – Best elss fund to invest under 80c before March 2023

There is only one month left to finalize your tax saving investments this financial year. While mutual fund fund managers and advisors always repeat the benefits of starting tax planning at the beginning of the financial year, many taxpayers complete their tax saving plans only in the last two months of the financial year. If you want to save tax under Section 80C of the Income Tax Act this financial year, you should invest in certain investments by March 31. Invest your investments in Equity Linked Savings Schemes or ELSS shares and save up to Rs 1.5 lakh in tax in a financial year. These schemes are very risky because of this investment strategy. However, they also have the potential to provide higher returns over the long term.

For example, ELSS or tax saving mutual fund category offers returns of over 14.21% over 10 years. And assuming its average annual return is 12%, every year for 10 years Rs. An investment of 1.5 lakhs can create a corpus of 29 lakhs.

Here are the best tax saving mutual fund schemes to invest this year.

1. Quant Tax Plan
2. Parag Parikh Tax Saver Fund
3. IDFC Tax ADVt Fund
4. PGIM India ELSS Tax Saver Fund
5. Canara Robaco Equity Tax Saver Fund
6. Mirea Asset Tax Saver Fund

7. Bank of India Tax Saver Fund
8. Kotak Tax Saver Fund

You should be very careful about these types of schemes, especially if you are a first-time investor in equity mutual funds.

Compared to your regular investments like General Provident Funds, ELSSs do not offer guaranteed returns. Remember that even in a bad market you can make losses.

The whole purpose of this is to protect your income without paying too much in taxes.

Disclaimer: Mutual fund schemes are subject to market risks. Consult your advisor before investing and invest at your own discretion.