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What is FRBM?

 

FRBM, or the Fiscal Responsibility and Budget Management Act, is a law to force financial discipline on the government with the main objective of reducing fiscal deficit through better management of government funds. The main target within the broader parameters of the act was to reduce revenue deficit. It was first introduced in 2000, passed by Parliament in 2003 and enacted the next year with the initial target of reducing fiscal deficit to 3% of the GDP by 2008. However, due to the global financial crisis in 2008, the target was postponed. And over the last few years, the postponement of target happened several times. Going by FRBM, the government now has a fiscal deficit target of 3.6% for the next financial year (2015-16).

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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