January to March is traditionally known as tax saving season. However, mutual fund investors are all set to change that notion. According to several mutual fund advisors, investors have already started investing in Equity Linked Savings Schemes (ELSSs) or tax saving/planning mutual fund schemes this financial year.
Investments in ELSS qualify for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
Mutual fund advisors say there is a big positive change in the investor behaviour since the last year. "We had to actually call all our investors and ask them multiple times to start investing in ELSS for tax saving, but things have changed," says Pankaj Gera, a Certified Financial Planner (CFP).
