There are various tax saving investment options where an individual can save tax u/s 80C of Income Tax Act. However, all such investment options come with fixed returns. One of the best ways to grow your money along with saving tax is to invest in Equity Linked Saving Scheme (ELSS) Mutual Funds in India. What are Equity Linked Saving Scheme (ELSS) Mutual funds? ELSS mutual funds in simple term are mutual fund schemes that invests 65% in equity related instruments that are notified to avail tax benefits. Investment in such ELSS MFs would provide tax benefit to investors u/s 80C, which is capped to a maximum of Rs 1 Lakh. How do you benefit from ELSS Mutual funds? There are various ways you would benefit from ELSS mutual funds. 1) ELSS mutual funds help you to grow money: Since ELSS mutual funds invests in equity related instruments, these schemes would help you to grow your money when the stock market grows over a period of time. 2) Save tax u/s 80C up to Rs 1 Lakh: By i