Mutual funds are in the business of making money, aren't they? Equity linked saving schemes, ELSSs, as they are popularly known, is doing just that.

What's more, these ELSS funds apart from making money also help you save your taxes. Investments in these schemes are exempt from tax under Section 80C.

According to Value Research, a premier mutual fund research company, investing in certain ELSS funds would have seen the value of your money grow by more than 50 per cent in the last one year.

The worst performer in this top 10 list, ING Tax Saving, gave a return of 38.62. Simply put, a sum of Rs 10,000 invested in this scheme on August 10, 2006 would have returned Rs 13,862 by August 10, 2007.

Principal Personal Tax Saver, the best performer fund in this top 10 list, gave a superb return of 66.71 per cent as on August 10, 2007. Rs 10,000 invested in this fund on August 10, 2006 would have returned Rs 16,671 by August 10, 2007.

This table shows the top 10 tax saving mutual funds:

Open Ended - Equity: Tax Planning (one year return as on August 10, 2007)
Fund	NAVs as on  Aug 10, 2007	Returns (per cent)
Principal Personal Tax Saver	Rs 161.76	66.71
Principal Tax Savings	Rs 90.87	55.63
Kotak Tax Saver	Rs 16.57	52.14
Birla Sun Life Tax Relief '96	Rs 107.91	51.23
Canequity -Tax Saver	Rs 18.09	49.58
Fidelity Tax Advantage	Rs 14.46	44.43
Escorts Tax Plan	Rs 50.99	44.32
Birla Equity Plan	Rs 66.39	43.89
Magnum Taxgain	Rs 48.62	41.97
ING Tax Savings	Rs 28.39	38.62

Source: www.valueresearchonline.com