Unveiling the Top ELSS Funds for Financial Year 2024: Aditya Birla Fund Takes the Lead

By Mohammed Naeem

As we get ready to take on the new financial year, FY 2024, everyone is focusing on the Equity Linked Savings Schemes, commonly known as ELSS funds. Mutual funds specializing in stocks or goods related to stocks are known as ELSS. The lock-in term is three years, and 80% of their investments must be made in stocks. These are typically fairly profitable open-ended funds.

Most significantly, however, is that under Section 80C of the Income Tax Act of 1961, they are eligible for numerous tax deductions. When it comes to their investment portfolio, ELSS is similar to other equity funds in that the fund manager's preferences determine the precise amount and percentage of investments made in certain companies and sectors. Aditya Birla Mutual Fund is the clear winner in this investigation of the top ELSS funds, providing investors with a calculated path to both wealth accumulation and tax advantages.

             ELSS Mutual Funds have several features that make it stand out in comparison with others. Their returns may appear lower than those of small-cap funds, but they appear higher than those of other tax-saving options like the National Pension Plan, Public Provident Fund, etc. An individual or HUF's taxable income may be reduced by up to Rs. 1.5 lakh by investing in ELSS funds. It implies that you can claim tax rebates of up to Rs. 46,800 if you invest up to Rs. 1.5 lakh in an ELSS in a given year (because the first Rs. 150,000 is deducted from your taxable income). However, there is no tax deduction for investments made for more than Rs. 150,000. Although their primary focus is on equity investments, ELSS schemes may also include small loan assets. A lump sum or a systematic investment plan (SIP) can be used to invest in ELSS. ELSS funds typically have a three-year lock-in term.

             A project of Aditya Birla Capital, Aditya Birla Sun Life Mutual Funds offers a variety of investing options. With a solid track record in the financial industry, a wide range of fund options, and a dedication to providing value to customers, they provide investors with a dependable path to future security and financial progress. Some of the best Aditya Birla mutual fund schemes are Aditya Birla Sun Life PSU Equity Fund Direct Payout of IDCW Payout, Aditya Birla Sun Life PSU Equity Fund Direct Plan-Growth, etc. Aditya Birla Capital Ltd., Sun Life (India) Investments Inc was established on 23rd December 1994 with Kumar Mangalam Birla as the Chairman.

            The Indian business Aditya Birla Capital Limited and the Canadian corporation Sun Life AMC Investments, Inc. are co-sponsors of the Aditya Birla Sun Life Mutual Fund (ABSLMF). Aditya Birla Sun Life Tax Relief 96 stands out among the selection of ELSS funds as the best option for investors looking for a combination of steady returns and tax advantages. With a solid track record, the managers of this fund strategically distribute investments among various market capitalizations and sectors. Aditya Birla SL PSU Equity Fund, Aditya Birla SL Infrastructure Fund, and Aditya Birla SL Small Cap Fund are some of the top Mutual Fund schemes to invest in the new FY2024.