Looking for ELSS or tax saving mutual funds to invest and save taxes under Section 80C of the Income Tax Act? Here are our handpicked tax saving mutual fund schemes for you. Here is our update on Equity Linked Saving Schemes (ELSS) or tax saving mutual fund schemes in the new year. There are some changes in the recommendation list this month. Two schemes -Principal Tax Saving Fund and L&T Tax Advantage Fund - are out of the list. We have not included any new tax saving schemes, as there are already six schemes in the list.