The deduction up to Rs.1 lakh under the section of 80C, 80CCC and 80CCD. The 305 tax brackets can save by investing in the approved tax saving instruments.
Employee Provident Fund (EPF): The 12% of basic salary pay, dearness allowance and retention allowance towards EPF.
Public Provident Fund (PPF): They can invest and claim an income tax deduction will contribute to the Hindu undivided family. Also, invest the name of spouse and children is available for contribution up to Rs. 1 lakh, which offer 8.7% annual interest.
Senior Citizen savings Scheme (SCSS): Above 60 years can invest in SCSS. The five year maturity period can extend by another three years. Only the deposit amount can multiply Rs. 1000, but not more than Rs. 15 lakh will offer 9.2% annual interest.
National Savings Certificate (NSC): They can invest in 5 or 10 years in which the NSC can offer 8.5% per annum, while 10 years are paying for 8.8%. The interest is taxed and no restriction amount can be invested through tax deduction.
Bank, post-office deposits: Investment in five years can be eligible for tax deduction and earned tax is taxable