The time to save tax and make investments has arrived once again. This explains why there is a barrage of ads on equity-linked saving schemes (ELSS). But before putting money into any of these schemes, just check past performance and the period for which these funds have been around. HDFC Taxsaver (52%), Magnum Taxgain (66%) and Prudential ICICI Tax Plan (48%) are schemes that have given good returns and have been in existence for five years. Some recently launched tax-saving schemes are Lotus India Tax Plan, HSBC Tax Saver Equity and DSPML Taxsaver, DWS Taxsaving and Fidelity Tax Advantage. Schemes that have been around for more than a year, such as Kotak Tax Saver, ABN AMRO Tax Advantage Plan, Reliance Tax saver and ING Vysya Tax Savings, have given an average return of 24% during the last year.
Updated: Mon, Feb 19 2007. 12 54 AM IST