Financial Daily from THE HINDU group of publications
Wednesday, Dec 22, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 22, 2004 |
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Mutual Funds Industry & Economy - Income Tax Tax planners provide third-best returns Nilanjan Dey
Kolkata , Dec. 21
EQUITY-linked savings schemes (ELSS), as the tax-planners are officially known, have delivered returns that put them just a couple of notches lower than technology and pharmaceutical funds, the two highest scoring categories over a one-year period ending November 30. Figures collated by Value Research, the fund tracking agency, suggest that the ELSS options provided 37.87 per cent for this period, compared to 40.72 per cent and 39.24 per cent thrown up by their tech and pharma counterparts. The `normal' diversified equity funds in comparison provided 34.66 per cent during the period under consideration. As things stand, nearly 20 ELSSs are in existence today, the oldest being Magnum Taxgain managed by SBI MF, which was launched in March 1993. The scheme, incidentally, is the top performer in this category, thanks to the 62.77 per cent it provided to its unitholders. Some of the other better performers are HDFC Long Term Advantage (earlier called HDFC Taxplan 2000), HDFC Taxsaver and Prudential ICICI Tax Plan. At the other side of the spectrum are Canequity Tax Saver (18.68 per cent) and LIC MF Tax Plan (18.74 per cent).
More Stories on : Mutual Funds | Income Tax
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