Though there is sometime for the financial year to end it may just about be the right time for you to consider same tax saving schemes. Among them Equity Linked Saving Schemes that could be a worthy bet.

The Fund has generated a return of 11.90 per cent since it was launched in Jan 2006. This has beaten rate of return by most fixed yielding instruments in the last few years. The returns from the scheme in the last three years has been close to 30 per cent.

What makes the scheme a good bet is the solid portfolio. The Fund has blue chip stocks including the likes of HDFC Bank, Bharti Airtel, Infosys, Idea Cellular, IndusInd Bank and ICICI Bank. The fund has been accorded a 5 star rating by Value Research Online.

One can invest in the scheme through the SIP route wherein the minimum investment required is Rs 500.

Tata Tax Advantage Fund 1

Another super performer over the years has been the Tata Tax Advantage Fund 1. The Fund was launched in Feb 2006 and has given a consistent return of almost 12 per cent in the last several years. The three year return from the fund has been 23 per cent.

One of the reasons to like the fund is the huge exposure to blue chip stocks. The portfolio is heavily skewed in favour of the bluest of blue chip stocks like ICICI Bank, HDFC Bank, Infosys, Idea Cellular, IndusInd Bank etc.

One can invest in the fund through the SIP route wherein a small sum of Rs 500 is needed. Look at a more long term investment strategy when investing in the fund.

Religare Invesco Tax Plan

This is yet another open ended scheme that was launched in 2006. The fund has generated a return of 16.28 per cent since its launch. In the last one year the returns have been a whopping 63 per cent. Value Research Online has accorded the fund a 4 star rating. Among the top stocks in the company's portfolio include the likes of HDFC Bank, Maruti Suzuki, Tata Consultancy Services, HCL Technologies and Federal Bank among others.

Conclusion

While all of the above are excellent bets to save tax under sec 80C of the Income Tax, one must note that returns from mutual funds are subject to market risks. At the moment markets have rallied sharply and one would be investing in these schemes at a very high price. Individuals can consider investment on dips or through the SIP route.

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