Do you want to save tax for your earnings? There are much smarter ways to do that as well as earn more returns for the same.
Can you guess it? It is Mutual Funds.
Some of the leading Mutual Fund Companies in India are:

• UTI - Unit Trust of India
• LIC - Life Insurance Corporation of India
• HDFC - Housing Development Finance Corporation
• Birla Sunlife
• Religare
• L & T
• Sundaram BNP Paribas

Some of the best tax saving schemes are:

• HDFC Tax Saver fund Scheme
• Reliance Tax Saver fund scheme
• SBI Magnum Tax Gain Scheme
• Religare Tax plan growth.
  

If you do mutual funds comparison, then you can find these schemes perform well generating more consistent returns.
Some of the important points you should note before investing in a particular scheme is listed below.

• As per income tax act, if you want to invest in tax saver scheme and get the rebate, then you could not withdraw the same amount for 3 years from the date of investing.
  This is called 3 years lock-in period.
  This condition will be applicable for any tax saver scheme launched by any mutual fund company.
  
• The past returns generated by the schemes are not guaranteed in future.
  
• You should compare the returns generated by these schemes for the past 6 months, 3 years, 5 years and 10 years.
  Then invest your money in those particular schemes.
  The details are available in the leading websites.
  

Next Step: Compare the returns from the various schemes and start investing.