Through your tax saving investments you can claim a maximum deduction of Rs1.5 lakhs under section 80C of the income tax. Investments done under section 80C reduce your taxable income thus lowering your tax burden.
In the tax saving mutual funds, IDFC Tax Advt Fund is the clear winner so far. As of 26th January 2018 it has generated a return of 50% in the last 1 year.
Then you have Aditya Birla SL Tax Relief 96, Reliance Tax Saver ELSS Funds and L&T Tax Advt fund that are also doing well and have generated a return close to 38%.
You can check these funds out at Mintwalk and start your tax saving investment in < 2 minutes.
Just keep in mind that contributions to your PF, children’s school fees, housing loan principal, and premium paid for your insurance policy are also eligible for 80C deductions of upto 1.5lakhs. If you have done these investments then you might not need to invest full 1.5 lakhs in tax saving funds. You can invest the differential in ELSS funds and grow wealth.