Tax saving mutual fund schemes or equity linked saving scheme (ELSS) are one of the most preferred options to save tax for most individuals. It comes with a three-year lock-in period. Although there is no restriction on the amount one can invest in it, investments up to Rs 1.5 lakh in a financial year is exempt under section 80C of the Income Tax Act. The recent budget kept the section 80C limit of Rs 1.5 lakh intact.