Income tax and tax-saving become imperative as the financial year comes to an end in March. The end of march brings with it several young investors struggling to put their money in the right plans to save their taxes. However, making a choice from the wide range of Mutual funds and Systematic Investment Plans (SIP) is a difficult job. Section 80C of the Income Tax Act allows individuals to invest an amount up to Rs 1,50,000 per annum from their taxable income. This helps people who fall into the taxable bracket. SIPs are the best options for the earning members who can invest a fixed amount of their salary in monthly payments and get attractive returns. However, the Income Tax Act only covers specific SIPs under section 80C. The investments which are considered under Section 80C of the Income Tax Act are Market linked products are ELSS (Equity Linked Saving Scheme) and ULIPs (Unit Linked Insurance Plan), Fixed Income instruments as well as ELSS. Here is a list of five investment options that will help you save taxes. Also Read - India's Direct Tax, Advance Tax Collections Grow Despite Covid Pandemic, Net Collections at Rs 9.45 lakh crore

1. SBI Tax AdvantageSeries II(G) Also Read - Government Extends Last Date For Linking Aadhaar with PAN from 31st March to June 30 | Details Here

Launched on December 22, 2011, SBI Tax Advantage Series II(G) is one of the best tax saving schemes that come under ELSS. The scheme has a minimum investment as low as Rs 500 and has a maximum return of 49% in its one year plan. The SBI Tax AdvantageSeries II(G) mainly invests the funds in equities and has a rate of return ranging from 6.4% for one month 30% for 3year plans. Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017 Also Read - After Banning TikTok, India Freezes Bank Accounts of ByteDance For Alleged Tax Evasion: Report

2. Reliance Tax Saver

Reliance Tax Saver was ranked the third best ELSS scheme by Crisil in December 2016. Launched on September 21, 2005, Reliance Tax Saver has a maximum rate of return of 30.59% for the one year plan. The scheme has maximum returns in the one year, three year and five-year plans. Reliance Tax Saver has a varied rate of return from 5.4% in the one month tenure to 30.19% in the one year scheme.

3. Axis Long Term Equity Funds

The Axis Long Term Equity Funds was launched on December 29, 2009. The attractive long term plan is ranked four by Crisil in December 2016. The funds have a minmum investment of Rs 500. The scheme is available with a three-year lock-in period. This means that you cannot utilise the investments till three years. However, it is one of the best plans for long-term saving. The Axis Long Term Equity Funds offers a rate of return of 24.78% in the three-year plan and 20.7% in the five-year plan.

4. Sundaram Long Term Tax Advantage Series I (G)

The Sundaram Long Term Tax Advantage Series I (G) was launched on March 20, 2015. The plan has attracted a lot of attention in the past two years. With a rate of return of 42.4% in the one year slab, Sundaram Long Term Tax Advantage Series I (G) is one of the best investment options. The returns offered by Sundaram Long Term Tax Advantage Series I (G) makes it extremely lucrative in long term plans offered. However, this plan has a comparatively lower rate of return in the three years and five-year slab. The best option would be to invest in this scheme for one year.

5. HDFC Tax Saver (G)

HDFC Tax Saver (G) was launched on March 31, 1996, and is one of the oldest tax saving schemes in the list. This scheme has also been ranked 4 in the ELSS category by Crisil. The HDFC Tax Saver (G) has a rate of return of 40% in the one year slab. The brand name of HDFC combined with its long-term presence makes this one of the most trusted investment options. The minimum investment required in this scheme is also Rs 500 making it easily accessible to everyone.