Section 80C on WebNotes

How to claim ELSS Section 80C deduction in ITR

Tue, 19 May 2026 00:00:00 +0000

Section 80C deduction on ELSS is the most popular tax-saving avenue for salaried Indian investors under the old tax regime. The Rs 1.5 lakh annual cap is combined across many instruments; ELSS competes with EPF, PPF, insurance, home loan principal, and others.

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Step-by-step procedure

See the procedure infobox above.

How to set up your first ELSS investment (Section 80C tax-saver)

Tue, 19 May 2026 00:00:00 +0000

ELSS (Equity Linked Savings Scheme) is the only mutual fund category that qualifies for Section 80C tax deduction. With its 3-year lock-in (shortest among 80C instruments) and equity exposure, ELSS is a popular tax-saving + wealth-building combination: but only under the old tax regime.

Conflict-of-interest disclosure. This guide is published by webnotes.in for informational purposes. WebNotes has no commercial relationship with any AMC. No affiliate commission is earned. For complex tax situations or to choose between old and new tax regimes, consult a Chartered Accountant.

How to subscribe to an ELSS mutual fund NFO

Tue, 19 May 2026 00:00:00 +0000

Subscribing to an ELSS NFO combines tax-saving (Section 80C) with NFO subscription. The 3-year lock-in starts from the allotment date. As with other NFOs, the default recommendation is to favour established ELSS schemes with track records over NFOs.

ELSS lock-in: the three-year tax-saver mutual fund constraint

Mon, 18 May 2026 00:00:00 +0000

The ELSS lock-in is the three-year mandatory holding period that applies to every Equity Linked Savings Scheme (ELSS) investment, enabling the Rs 1.5 lakh per annum deduction under Section 80C of the Income Tax Act 1961. ELSS units cannot be redeemed for three years from the date of allotment, regardless of market conditions, investor needs, or AMC initiative. The lock-in is the constitutive feature that distinguishes ELSS from regular equity-oriented mutual funds and enables the Section 80C tax benefit that ELSS provides.

Section 80C of the Income Tax Act 1961

Mon, 18 May 2026 00:00:00 +0000

Section 80C of the Income Tax Act 1961 is the most-used income-tax deduction provision in India, allowing a deduction of up to Rs 1.5 lakh per financial year against eligible investments and expenses including ELSS , PPF , EPF , NSC, tax-saver FDs, life insurance premium, and home loan principal repayment. The deduction reduces the taxpayer’s gross total income before computing tax liability, providing material tax savings for taxpayers in higher tax brackets.

How to download a PPFAS ELSS Section 80C tax-proof certificate

Sun, 17 May 2026 00:00:00 +0000

If you’ve been running an ELSS SIP on the Parag Parikh ELSS Tax Saver Fund and you file under the old tax regime, the Section 80C Investment Proof Certificate is the document HR asks for during the January-February investment-declaration window each year. It lists every ELSS installment allotted on or before 31 March of the relevant FY, with dates, amounts, and folio numbers. ELSS is the only 80C-eligible scheme in the PPFAS lineup; subscriptions allotted on or before 31 March qualify for Section 80C deduction up to Rs 1.5 lakh per FY. Under the new tax regime (default since FY 2023-24), 80C does not apply, and this certificate has no purpose for you.

How to start an SIP in Parag Parikh ELSS Tax Saver Fund

Sun, 17 May 2026 00:00:00 +0000

An SIP in the Parag Parikh ELSS Tax Saver Fund is procedurally similar to a PPFCF SIP ; the differences sit in the tax treatment and the lock-in. ELSS subscriptions under the old tax regime are eligible for Section 80C deduction up to Rs 1.5 lakh per financial year. The lock-in is three years, applied per installment: each monthly debit creates its own three-year clock from its allotment date. The December 2026 installment, for instance, is locked until December 2029; the January 2027 installment until January 2030. The SIP series as a whole has no terminal lock-in. The other consequential rule is the 31 March cut-off: only installments allotted on or before that date count for Section 80C in that FY, so SIP dates in the last week of March carry timing risk.

Parag Parikh ELSS Tax Saver Fund

Sat, 16 May 2026 00:00:00 +0000

The Parag Parikh ELSS Tax Saver Fund is an open-ended equity-linked savings scheme of PPFAS Mutual Fund , launched on 4 July 2019 by PPFAS Asset Management Private Limited as the third open-ended scheme in the AMC’s product line, after the flagship Parag Parikh Flexi Cap Fund (24 May 2013) and the Parag Parikh Liquid Fund (9 May 2018). It was originally launched as the Parag Parikh Tax Saver Fund and subsequently renamed to Parag Parikh ELSS Tax Saver Fund to align with the AMFI and SEBI directive that all equity-linked savings schemes carry the standardised “ELSS” prefix in scheme nomenclature. The scheme is benchmarked to the Nifty 500 Total Return Index (Nifty 500 TRI ).

Parag Parikh ELSS Tax Saver Fund and Section 80C Eligibility

Sat, 16 May 2026 00:00:00 +0000

The Parag Parikh ELSS Tax Saver Fund is the PPFAS Mutual Fund Equity Linked Savings Scheme (ELSS), launched on 4 July 2019 and originally registered as the Parag Parikh Tax Saver Fund. The scheme is eligible for Section 80C deduction of up to Rs 1.5 lakh per assessee per financial year under the Income-tax Act, 1961 , subject to compliance with the Equity Linked Savings Scheme, 2005 (Notification No. 226/2005 dated 3 November 2005) issued by the Department of Economic Affairs, Ministry of Finance, and the SEBI Mutual Funds Regulations 1996 ELSS category framework.

Parag Parikh ELSS vs Axis, Mirae and Quant ELSS

Sat, 16 May 2026 00:00:00 +0000

The Parag Parikh ELSS Tax Saver Fund is the Equity Linked Savings Scheme (ELSS) of PPFAS Mutual Fund , launched on 4 July 2019 by the AMC’s then ELSS proposition team. ELSS schemes are open-ended diversified equity mutual funds with a statutory three-year lock-in period from the date of each investment and qualify for Section 80C deduction under the Income-tax Act, 1961 up to Rs 1.50 lakh per financial year (under the Old Tax Regime). The Parag Parikh ELSS Tax Saver Fund competes in the broader ELSS category with peer schemes including the Axis Mutual Fund Axis ELSS Tax Saver Fund (the long-standing category leader by AUM until 2024), the Mirae Asset Mutual Fund Mirae Asset ELSS Tax Saver Fund, and the Quant Mutual Fund Quant ELSS Tax Saver Fund.

ELSS mutual fund