Why ELSS is the best tax saving investment

The term 'ELSS' stands for Equity-Linked Savings Scheme. The terminology may be old-fashioned but the idea is very straightforward. Mutual fund companies in India operate a set of mutual funds that qualify as ELSS funds as defined by the government. When you invest in these funds, your investment amount can be deducted from your taxable income. This lowers the amount of tax you need to pay.