Should you say bye to ELSS, Section 80C, and opt for new tax rate?

Will the new personal tax regime seal the fate of ELSS funds or Equity Linked Saving Schemes, one of the favourite tax-saving options of mutual fund investors? Well, mutual fund advisors are putting up a brave front, saying it is too early to write the obituary. However, many taxpayers may be asking the question: should we opt for the new tax rates and say good-bye to tax saving mutual fund schemes and Section 80C?

"In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, I propose to bring a new and simplified personal income tax regime wherein income tax rates will be significantly reduced for the individual taxpayers who forgo certain deductions and exemptions," the finance minister stated in her budget speech.

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