There is more to tax planning than exemptions available on savings. With our advice, you will pay the right amount of tax, not more and not less. Section 80C of the Income Tax Act, 1961 provides options to save tax by reducing your taxable income by up to Rs. 1.5 Lakh. Tax saving of Rs. 46,350 is calculated assuming qualifying amount of deduction is Rs. 1.5 Lakh and investor falls in the top income tax slab of 30% and includes applicable cess. Tax planning is a way by which you arrange your financial affairs in such a way that without breaking up any law you take full advantage of all Exemptions, Deductions, Rebate and Reliefs allowed by law so that your tax liability will be reduced. By investing in ELSS, you can save up to Rs. 46,350/- per annum in taxes and also aim to create wealth with equity markets!