If Finance Minister Nirmala Sitharaman raises the Section 80C limit during her Budget 2024 presentation on Tuesday (July 23), investors in Equity Linked Savings Scheme (ELSS) mutual funds stand to gain significantly, reported livemint.com. The change would provide enhanced opportunities for tax savings and investment growth. What are ELSS mutual funds? It may be noted that ELSS funds are a top investment choice for both salaried individuals and the self-employed, offering significant tax savings under Section 80C of the Income Tax Act. ELSS mutual funds offer significant tax benefits under Section 80C, allowing investors to claim deductions up to Rs 1.5 lakh.

Source: Mint July 22, 2024 06:37 UTC