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With the tax filing season around the corner, mutual fund houses are beginning to launch tax-saving products. This time, there is a new innovation in the form of 10-year equity-linked savings schemes (ELSS). At present, two such schemes are open for subscription, from UTI Asset Management Company (AMC) and BOI AXA AMC. ICICI Prudential AMC has applied to the Securities and Exchange Board of India (Sebi) to launch a similar fund. Usually, ELSS has a three-year lock-in period and the investor gets tax benefits under Section 80 C for investing in these schemes.
The new launches, with a longer timeline,
