With the progressive rate of taxation applied for direct taxes without considering the locality and number of people in the family has made the income tax one of the most complex influencer in life of individuals in India, considering this as the basis the paper is coined with an objective of identifying evolution of income tax with the idea of exploring the Savings and investment component in the tax planning, Data Collection through judgmental sampling of 195 respondents with in the state of Karnataka is taken for the study. To test reliability Cron bach Alpha is used, for hypothesis testing usage of linear regression is done, the output proves that compared to both investment has a better influence on tax planning but on a whole the paper accepts that there is no significant relationship between deductible Savings and investments on tax planning. The suggestions are offered stating the need for including the ELSS in the curriculum to enhance its acceptance by the respondents.