In nearly a decade’s experience in the financial advisory profession, I can confidently tell one thing. The financial mistakes people make in investing in unsuitable products, in a bid to save taxes, costs them more over the long run than actual tax saved annually. While a tax payer should take benefit of the IT exemptions, it is automatically taken care of if he defines his financial goals. One does not borrow a home loan to save tax on interest & principal payment. Loan is taken to satisfy the basic need of a house & the tax benefit is incidental. One does not buy health insurance to save tax on 80D. One pays premiums to cover against big hospital bills and saves tax in due process. If one wants to plan for long term goals like retirement, child education-investments can be done in PPF, ELSS, NPS, as per suitability. And tax is taken care of. Tax planning is actually required when one has substantial assets to manage and requires to consult a CA. Accept the fact that you have to pay taxes after a certain limit, not much scope beyond 80C. Instead, focus your time & effort to increase your investment assets. Learn about personal finance. This will help you to channelise your savings in suitable products which are in sync with your financial goals. Focus on your goals, not taxes.