Tax benefits from Investment in Mutual Funds - Tax Guru The Income Tax Act, 1961 offers one major deductions on investment in certain kinds of Mutual Funds Equity Linked Savings Scheme: Under Section 80C of the Act, an amount equal to the investment in Equity Linked Savings Scheme is deductible from the taxable income of an assessee subject to a maximum limit of Rs 1,50,000 - (such limit is
How to Claim Tax Benefits on Mutual Funds (ELSS)? - BankBazaar Can investing in mutual funds help me receive an income tax refund? Section 80C of the Income Tax Act provides tax benefits for Equity Linked Savings Schemes, or ELSS You can save about Rs 46,800 on taxes annually and receive a tax deduction of up to Rs 1 5 lakh
Mutual Fund Tax Benefits Invest in ELSS funds to claim Section 80C deductions Hold equity mutual funds for more than 1 year to minimize capital gains tax Choose debt mutual funds for over 3 years to benefit from indexation and lower tax rates
How Mutual Funds Deduction Can Save Income Tax | HDFC Bank Mutual funds, also known as Equity Linked Savings Scheme (ELSS), are great tax-saving instruments under Section 80C of the Income Tax Act, 1961 This section allows you to claim benefits from your taxable income if you put your money into certain investments
Are you confused about how to claim tax deductions in ELSS? If you invest in one or multiple ELSS schemes, you can claim a maximum deduction of Rs 1 5 lakh in a financial year There is no condition about the number of ELSSs to qualify for the tax deduction In short, you can invest Rs 1 5 lakh in a single ELSS and claim tax deduction on the entire amount
Mutual Fund Taxation - How Mutual Funds Returns Are Taxed? Mutual funds are not tax-free except for ELSS (equity-linked savings schemes or tax-saving funds) and some retirement funds As per the Income Tax Act, under Section 80C, you can claim a deduction of up to Rs 1 5 lakh for investments made in ELSS and can save taxes up to Rs 46,800