ELSS Mutual Funds
That is correct! The amount you invest in an ELSS mutual fund may be deducted from your income under Section 80C. You pay less tax as a result of this deduction because it lowers your taxable income. There is a cap, though—you may only claim up to Rs. 1.5 lakh per fiscal year, which also happens to be the 80C cap. Thus, investment in these funds will result in total tax savings. The lock-in period for the ELSS mutual fund is 3 years, which is the finest aspect. Of all the tax-saving choices, that lock-in period is the shortest. so that you can access your money more quickly.













