Every year while presenting the budget, the finance minister puts up a bill in the Lok Sabha which contains the details of the government's financial proposals for the next financial year. The most important proposals of this bill are the changes to the income tax laws, rates, etc. In case the budget is not presented by the incumbent government because of elections, the finance minister passes a `vote on account' for the government to meet its finances till a new government takes charge. Once the finance bill is passed by both the houses of Parliament and gets the President's nod, it becomes an act. If the government wants to make any changes to the finance act, it again has to go to Parliament through a finance bill.

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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