Considering taxpayers can deduct up to ₹1.5 lakh in taxation per financial year, Section 80C of the Income Tax Act is the most common way for them to reduce their tax burden. Investments that qualify for tax savings under Section 80C include a variety of products, including bank fixed deposits, National Pension Scheme (NPS), Unit Linked Insurance Plan (ULIP), Equity Linked Saving Scheme (ELSS) and post office small savings schemes. However, out of all of these instruments, the Equity Linked Savings Scheme (ELSS) is the most well-known because it has the shortest lock-in period of 3 years—and has a track record of producing better returns over the long term than fixed deposits, post office schemes, and other tax-saving investments that fall under section 80C.
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