ELSS: Packing A Punch With Tax Saving And Investment Returns

It can be said with a certain amount of authority that nobody really likes to pay tax. This is especially true for income tax, which has a direct impact on the amount of money you take home. So, if you fall in the highest tax bracket, you end up paying 30 per cent plus cess on your income. However, you can easily reduce your tax burden with astute tax planning. The thing is that tax planning in itself should not be your goal. Your goal should be to plan your taxes in such a way that you are not only able to increase your income in hand but also achieve your financial goals. From that perspective, there are two clear benefits of effective tax planning: You can reduce the amount of tax you pay on your income You can invest the money saved to generate investment returns One of the best ways to do tax planning is to invest in tax-saving instruments. According to Section 80C of the...