Tax saving investments are becoming increasingly popular amongst individuals who are looking to not only save on their income taxes but also to build capital for future use or to provide for their retirement. The ELSS (Equity Linked Savings Scheme) scheme, in particular, has gained a lot of traction in recent times as it helps to provide individuals with a potentially high return while at the same time providing them with certain tax benefits.

ELSS scheme was introduced by the Indian government in the year 1996 in order to provide individuals with a viable option to save on their taxes and invest their money in a secure manner. As a result, ELSS has become one of the most popular tax-saving options amongst invested individuals in India for the year 2021.

The primary advantage of ELSS is the tax benefits offered by the Indian government. It comes under the Section 80C of the Indian Income Tax Act, which allows individuals to claim deductions on investments up to a maximum of Rs. 1.5 lakh. This investment also helps to reduce the amount of taxable income, thereby reducing your overall tax liability.

The next big advantage of ELSS is the high returns that it provides. ELSS has the potential to provide returns worth up to 15-20 %, and in some cases even more. This makes it a great option for individuals who are looking to make their money grow over the long term.

Another big benefit that investors can enjoy while investing in ELSS is its flexibility. ELSS provides investors with the option to withdraw their money anytime they want, thereby allowing them to make use of their returns from the investment as and when they need it.

In addition to this, investing in ELSS also requires a relatively small amount of money. As compared to other forms of investments such as real estate or gold, ELSS requires only a minimum amount of money in order to be eligible for a tax deduction.

Lastly, the ELSS scheme is also the best option for individuals who are looking to save on their taxes before the end of the financial year. Since the ELSS scheme has a lock-in period of 3 years, this means that the investments made before the end of the financial year will be eligible for deduction under Section 80C.

Taking all these benefits into consideration, it is clear that ELSS is the best option for individuals who are looking to save on their taxes as well as gain good returns on their investments. Therefore, if an individual is looking to take advantage of all the benefits of ELSS, then investing in the ELSS scheme before the end of the financial year in 2023 would be the best option for them.