4. Long Term Benefits: You can choose for long-term benefits and reduce your tax. It will be a better idea to contribute a lot in PFs, health care, and other related long term benefits. You can do this by reducing any of the fully taxable emoluments.

5. Be A Consultant: If you want to have a high incoming along with low taxation, you can become a consultant. Being a consultant, you can claim a deduction for work-related expenses like depreciation assets, telephone bills, travel, entertainment, and many others.

But it is not as easy as it looks like. As a consultant, you will have to maintain the track of the accounts and get an audit report in case the gross limit exceeds to a given amount.

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