Tax Savings are Possible Through Mutual Funds?

yes, investing in mutual funds can result in tax savings, particularly if you choose certain mutual fund kinds intended for this reason. The following are some salient features of mutual funds that might result in tax savings:
Scheme for Equity-Linked Savings (ELSS):

Tax Benefit: Under Section 80C of the Income Tax Act of India, investments made in ELSS are eligible for tax deductions. A deduction of up to INR 1.5 lakh may be made per fiscal year.
Lock-in time: The shortest lock-in time of any Section 80C tax-saving tool is three years, which applies to ELSS funds.
Potential Returns: ELSS funds have the potential to yield better returns than other tax-saving options since they are equity-oriented, but they also carry a higher risk.

Mutual Fund Investments are Subject to Market Risks; Read All Scheme-Related Documents Carefully.