Tax Saving Mutual Funds For 2017

Paying the tax returns duly on time is a good practise but as the due date approaches, the finances of the individual or any company gets unstable and thus is it highly recommended to plan the tax returns beforehand. There are various ways by which you can reduce the net taxable income from your finances and thus you have to pay less tax. The taxes can be saved by proper financial planning. The tax returns for the financial year can be planned either by the individual or by hiring a financial consultant for the same.

Taxes can be saved by indulging yourself into various investments strategies. One of these investment strategies is the investment in mutual funds. Though the investment can be highly risky as it completely depends on the market stability, but with proper knowledge of the market, one can gain the maximum benefits out of it. They are not only the best option for tax savings but is also a long term wealth creating investment plan.

Hiring a financial consultant in Mumbai or any such big cities is a major requirement to manage the finances and time simultaneously. It is not easy to find a financial consultant in Mumbai, Delhi or any other city, but you can search and interview the consultants and choose the one that best suits your needs of financial planning.

Here are some of the best tax savings mutual funds in the year 2017

There are various mutual funds in the market but you need to know the ones that provide you the best returns.

  1. Franklin India Taxshield. It is one of the oldest mutual funds and has been performing well in the past years. This mutual fund is having low risk grade. It is suitable for the conservative equity investors that want a low risk investment.
  2. Axis Long Term Equity Plan. The plan is considered as a true multi cap fund with the low risk grade. It has one of the highest AUMs in the mutual fund market. The performance of this mutual fund has been drastic in the past years with the returns of 19%.
  3. Birla Sunlife Tax Plan. It is also the oldest mutual funds and it has given the returns of around 21%. The fund is allocated to the small cap stocks.
  4. ICICI Prudential Long Term Equity Fund. It was earlier names as ICICI Pru Tax plan. The mutual fund is exposed to Large Cap companies with an exposure rate of 65 to 70%. It has been performing well consistently above the average benchmark.
  5. Reliance Tax Saver. It is a well performing mutual fund. The Reliance Tax saver is having the highest standard deviation in the mutual funds and thus they are having high risk grade.