What is ELSS fund in mutual fund?
ELSS or Equity Linked Savings Schemes are Mutual fund investment schemes that help you save income tax. That’s why they are also known as tax-saving funds. The Income Tax Act, under section 80c, allows taxpayers to invest up to INR 1.5 lakh in specific securities and claim it as a deduction from their taxable income.
What are ELSS funds with example?
Best ELSS Funds to Invest in 2020
| Fund Name | Returns (\%) | |
|---|---|---|
| Aditya Birla Sun Life Tax Relief 96 | 4.31 | 8.01 |
| DSP Tax Saver | -0.62 | 8.93 |
| Kotak Tax Saver | 5.24 | 8.11 |
| ICICI Prudential Long Term Equity | 1.11 | 6.80 |
What are the steps to invest in ELSS in details?
Select investment approach There are three choices available to ELSS investors. a.
How are mutual funds taxed?
Mutual fund taxes typically include taxes on dividends and earnings while the investor owns the mutual fund shares, as well as capital gains taxes when the investor sells the mutual fund shares. The tax rate (and in turn the tax on mutual funds) depends on the type of distribution and other factors.
What are the names of mutual funds?
Most mutual funds are part of a much larger investment company apparatus; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price and Oppenheimer Funds.
What is mutual fund tax?
For taxable accounts, such as individual and joint brokerage accounts, mutual fund dividends are generally taxed either as ordinary income (taxed at the individuals income tax rate) or as qualified dividends (taxable up to a 15\% maximum rate).