What does Tax saving scheme means ?

These schemes offer tax reductions to investors under certain provisions of the Income Tax Act 1961. The Government offers tax incentives to invest in specific avenues such as Equity Linked Savings Schemes under section 80C or Rajiv Gandhi Equity Saving Schemes (RGESS under section 80CCG) of the Income Tax Act 1961. Mutual funds offer tax benefits as well as pension schemes. These schemes are growth-oriented and invest predominantly into equities. They offer growth opportunities, but also carry risks.