The Indian Income Tax Act provides various tax-saving options under sections 80C, 80D and 80G. You can save up to 1.50 lakhs under section 80C by investing in mutual funds through Equity Linked Saving Schemes (ELSS). ELSS helps you save tax while building long-term wealth. ELSS have a lock-in period of only 3-years as compared to the traditional tax saving options such as Public Provident Fund (15-years), National Savings Certificates (6-years) or a tax saving Fixed Deposit (5-years).