ELSS is a tax saving Mutual Fund. This scheme invests around a major proportion of its corpus in equity and equity-related instruments. People investing in ELSS can enjoy benefits of both investing and tax deduction. One can avail tax deduction of up to INR 1,50,000 under Section 80C of Income Tax Act, 1961, through ELSS investments. The lock-in period of ELSS is 3 years and is the shortest among other tax saving instruments.