2. Start Investing

Certain investments give your tax rebate. These investments come under section 80C of deductions. The amount invested is deducted from your taxable income. Many of such investments come under EEE category. It means you need not to give tax at the time of investment, earning and redemption.

 However, there is a maximum limit for 80C deductions. Some of the investments that save taxes are EPF, PPF, Equity linked Saving Scheme (ELSS), Fixed Deposits, National Saving certificate and Senior Citizen Saving Scheme.

3. Medical Insurance Deductions

Medical Insurance expense gives you the deduction, over and above the 1.5 lakh limit. You can save tax for the health insurance premium of your family and dependent parents. Also, health checkup can also give you tax saving. You can deduce these expenses from your total taxable income. Up to 25,000 for the health insurance of self and family.

You can also include health checkups of up to 5,000 within this limit. Up to 25,000 for the health insurance of parents. If they are above 60 years, this limit goes up to 30,000.