Modi's Win Makes Salaried Class Tax Savvy With ICICI Pru Long Term Equity
ICICI Prudential Long Term Equity Fund is the most preferred ELSS Funds by the salaried class at MySIPonline.
The reason behind is the thriving performance of NDA Government in the Lok Sabha Election of 2019. The 'NaMo' factor once again worked well for the ruling party and bought a lot of hope to the Indians, particularly for the ones related to the Dalal Street. Investors are in wait that the Modi Government will finally lay the foundation stone of the promises made in the 2019 Interim-Union Budget of India.
On 1st February,2019 Mr. Piyush Goyal (the acting Finance Minister) presented the budget in which he proposed tax-saving benefits for the Indian middle-class men. The proposal exempted the individuals from tax paying whose taxable income falls under Rs. 5 Lakh. The news brought some sort of relief for the middle-class individuals, and with BJP government coming back in power once again, has bought the revival of ELSS funds in the market.
Investors falling under the taxable income of Rs. 6.5 Lakh are first in the queue at MySIPonline with ICICI Pru Long Term Equity Fund becoming the centre of attraction. Such investor can invest up to Rs. 1.5 Lakh in ELSS funds which will make them fall under the tax bracket which is exempted from tax. In this way, they can enjoy the tax-saving benefits provided under Section 80C of Income Tax Law.
A Senior Market Researcher at MySIPonline believes that apart from tax saving option, the growth and past performance of ICICI Prudential Long Term Equity Fund is the major reason behind the popularity of scheme among the ELSS funds. The top performing mutual fund of ICICI Mutual Fund has provided around 17% of annualized returns in the long run compelling the investors to park their cash in this scheme.
After the Interim Budget and the 'tax-saver March', the team of MySIPonline had zero-percent probability that the investors will look back to the ELSS funds or not. But even after March, the number of investors investing in ICICI Pru Long Term Equity Fund is gradually increasing. People have started looking at ELSS funds as more than just tax-saving options and they are willing to continue their SIP plan for a longer investment tenure.
The team of MySIPonline played a vital role in popularizing the scheme as the mutual fund always remained in the list of top recommended ELSS funds. The finance experts, when analyzed the portfolio allocation, sector allocation, and investment style of ICICI Prudential Long Term Equity Fund; found that the ELSS fund has all the key attributes of becoming the best ELSS mutual fund.
The bullish trend pertaining in the finance market will again aid this scheme in surging good gains in this election year. Moreover, the proposals of Interim Budget becoming a reality will be icing on the cake.
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