Rajiv Gandhi Equity Savings Scheme(RGESS) - Tax Saving Scheme now with Mutual Funds.
The Rajiv Gandhi Equity Savings Scheme (RGESS)which is a Tax Saving Scheme comes now loaded with Mutual Fundsfor your investments. After considering the various views of the marketmen and general sentiment in the Mutual Fund Industry, the Finance Ministry is now proposing to add Mutual Funds as one of the products to avail the tax rebates under the amended rules for Salaried employees. Managing to do a delicate act of pleasing both the investors as well as marketmen.
Mutual Fund Market Sentiments
This is in response to the general market sentiments of the Indian Mutual Fund Industry. The Industry was losing direction and focus. The growth had already tappered off and the clearly it was headed for years of down trending. The AAUM were falling, so were the number of new registration of Folio Numbers. The Regulator re-defined couple of rules which made many Asset management Companies reconsider their business models. The regulator set up firewalls between Industry bodies and Self Regulatory Organisations. It also questioned the logic of various fees structures which were being charged to investors. Finally, a change of guard at the Finance Ministry made few changes evident, one of them being the push for adding ELSS scheme to the RGESS albeit in reincarnated form.
Reincarnation of Equity Linked Savings Scheme ELSS
The popular ELSS survives the government wrath to be reborn in a new avatar as RGESS. ELSS which was eligible for Tax rebates under the Section 80 C was proposed to be removed. The new Direct Tax Code which was intended to be rolled out, excluded the rebates provided for the ELSS. Thus effectively putting an end to a succesful product which was gaining popularity among the retail investors. It takes huge and consistent efforts to educate the investors of benefits of any products. It is certainly a product which was gaining lot of momentum and acceptance since its launch more than 5 years ago.
Rajiv Gandhi Equity Savings Scheme (RGESS)
For first time retail investors investing directly in the equity markets, this would be an option which is definitely worth considering.
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online
Tax Saving Mutual Funds Online
These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs
Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- ICICI Prudential Tax PlanInvest Online
- HDFC TaxSaverInvest Online
- DSP BlackRock Tax Saver FundInvest Online
- Reliance Tax Saver (ELSS) FundInvest Online
- Birla Sun Life Tax Relief '96 Invest Online
- IDFC Tax Advantage (ELSS) FundInvest Online
- SBI Magnum Tax Gain Scheme 1993Invest Online
- Sundaram Tax SaverInvest Online
- Edelweiss ELSS Invest Online
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