There were 40 ELSS schemes in the category. All the schemes in the category were in the negative territory. Top losers in the category lost around 8%. Quant Tax Plan lost the most around 8.72% in the quarter that ended in March 2023. Aditya Birla Sun Life ELSS Tax Relief 96 lost around 6.69% in the quarter.
Around 10 ELSS schemes lost around 3%, eight schemes lost 4%, and another eight schemes lost 2%. Seven schemes lost around 5%. Parag Parikh Tax Saver Fund and Taurus Tax Shield Fund lost the lowest of around 0.75% and 0.14% respectively in the quarter that ended in March 2023.
Though the 40 schemes in the category had offered negative returns during the January-March quarter, 35 schemes managed to beat their benchmarks.
According to the recent AMFI data, the ELSS category received a total inflow of Rs 5,080.72 crore in the first quarter of 2023. The category received the highest inflow of Rs 2,685.58 crore in March. The net asset under management for the ELSS category as on March 31, 2023 was Rs 1.51 lakh crore.
Tax saving or ELSS schemes are recommended to investors who are looking to save taxes under Section 80C of the income tax Act. Investors can invest a maximum of Rs 1.5 lakh in these schemes and claim tax deductions on it in a financial year. ELSS funds come with a lock-in period of three years. They have the potential to offer superior returns over a long period. The ELSS category offered around 14.27% returns over 10 years. They offered around 9.69% returns in five years.
If you are looking for recommendations, take a look at the Best ELSS schemes to invest in 2023
