Save Tax with Money View’s TaxSaver+

TaxSaver+ by Money View

Following our last week’s post introducing the Green Account feature Savings+ in the Money View App, this week we are going to look at another aspect of the Green Account, Tax Saver+. If you would like to compound your money at the same time saving tax, Tax Saver+ is the perfect product for you. It helps you in saving tax under section 80C of the Income Tax Act. It is one of the simplest solutions to save taxes right from the App.

Perspective on Taxes

Let us understand taxes with the help of an example. Mr. Kumar earns Rs. 6,00,000 per year before taxes. Mr. Kumar is not an efficient saver and is not concerned much about how to reduce his taxable income. This will include:

  1. Not maximising investments under 80C
  2. Not planning holidays to avail LTA (Leave Travel Allowance) effectively
  3. Not investing in a pension scheme
  4. Not negotiating a tax effective salary structure
A simple calculation will explain:

Mr. Kumar will pay a tax of Rs. 45,000 on his current income at the current tax rates (10% for income between 2.5 and 5 lakhs + 20% on income between 5 and 6 lakhs). This is a loss of 7.5% of his current income

If he invests Rs. 1.5 lakhs in a tax-saving instrument, he now pays taxes only on 10% of income between 2.5 lakhs and 4.5 lakhs as he gets tax deduction of 1.5 lakhs on his total salary of 6 lakhs.

His tax outlay is now Rs. 20,000. Hence he saves 3.5% of his salary that he was paying in taxes

That is not all. An ELSS investment gives a return of 6% post tax (estimated) on the investment of Rs. 1.5 lakhs. Hence his effective saving of tax each year becomes much higher about 5.5%.

Now consider a 10% increase in his salary every year and the compounding of returns on investments and you can see the erosion in Mr. Kumar’s wealth is significant in the long term.

Equity Linked Saving Scheme (ELSS)

If you are like Mr. Kumar who has not been optimizing your taxes, ELSS can be a great option. As the name suggests, ELSS are investments linked to the stock market (equities). ELSS falls under the 80C category, for tax savings up to INR.46,350 if you fall in the highest tax bracket. Therefore you save tax and compound your investments, Super! ELSS does have a lock-in period of 3 years.

Money View’s New Solution

To make sure Money View users do not accumulate such unnecessary tax losses and take advantage of ELSS, we have introduced the TaxSaver+ feature in the Green Account feature. Tax Saver+ helps you get healthy returns while you save income tax up to Rs. 46,350 under section 80C, by investing up to Rs.1.5 lacs in ELSS Mutual Fund scheme provided by ICICI Prudential Mutual Fund. ICICI Prudential Mutual Fund house is India’s largest fund house with Assets Under Management of whopping 1,72,000 crores and more than 30 lakh investors. It is well-managed under the guidance of Mr.Nimesh Shah and Mr.S. Naren, stalwarts in the stock market. All this is offered by Money View, at your finger tips! There is no account opening fee and one can withdraw any time after 3 years. There is no last minute running around before year end for saving taxes. It can all be done smartly and securely from your smart phone, in just a few taps! Technology to manage finances at its best!


Taxes are important for the government but at the same time we need to maximise our own savings under the purview of tax laws of the country. With less than a week left for the end of the financial year, hurry up on your investments! Use TaxSaver+ to avail of your tax deductions today! Keep your eyes and ears open (continue to read our blog) and the Money View app will take care of the rest. Happy Saving!