Tax Planning or Income tax savings are an integral part of investment and overall financial planning that helps in a bid to maximize wealth. Tax planning in India involves the selection of the right tax saving instruments and making proper investments. There are various tax benefits available on your investments in mutual funds. These tax benefits apply to both equity and debt oriented schemes. For example, Equity Linked Savings Schemes (ELSS) qualifies under Section 80C of the Income Tax Act (upto Rs. 1 Lac) for tax deductions. Section 80C also offers tax benefits for investments like life insurance premium, contribution to PF/PPF, NSC, infrastructure bonds, etc.
Tax planning is an important tool that contributes towards creating wealth over the long term. HSBC Mutual Fund offers ELSS schemes like HSBC Tax Saver Equity Fund which provides tax savings as well as an opportunity to generate long term wealth. The HSBC Tax Saver Equity Fund web page provides more information about tax saving mutual funds.
For a snapshot on tax implications of mutual fund investments for your tax planning, please refer to the document below.