Equity Linked Savings Scheme, or ELSS, are equity funds which invest a major portion of their corpus into equity or equity-related instruments.  ELSS funds are also called tax saving schemes since they offer tax exemption of up to Rs. 150,000 from your annual taxable income under Section 80C of the Income Tax Act.  An investor can opt for Dividend Payout or Growth option. Many reputed fund houses such as HDFC Mutual Fund have paid out between Rs.5 to Rs.7 per unit in their HDFC Tax Saver Dividend Option scheme, giving investors a return of around 10%. However, investors are advised that with effect from 1st April …