The ‘revised’ new tax regime is likely to end the dream run enjoyed by Equity Linked Savings Schemes or tax saving mutual funds as a smart choice to save taxes under Section 80C of the Income Tax Act. Under the old income tax regime, taxpayers can invest up to Rs 1.5 lakh in ELSS funds in a financial year and claim tax deductions on the contribution under Section 80C.
India will be superpower by 2047, but not high-income economy: Martin Wolf
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