Following are some of the popular tax saving options under various sections:

Section 80C: This is the most popular option, and following investments can be used for tax deduction for up to Rs.1.5 Lakhs.

  • ELSS Funds
  • National Savings Certificate
  • PPF
  • Fixed Deposit
  • National Pension Scheme
  • Unit Linked Insurance Schemes
  • Sukanya Samriddhi Yojana

Section 80CCD (1B): Under this section, National Pension Scheme becomes eligible for additional tax deduction of Rs. 50,000 apart from Section 80C of the Income Tax Act.

Section 80D: Health Insurance premiums for up to Rs. 60,000.

Section 80DD: Expenses on a handicapped person for up to Rs. 1.25 Lakhs.

Section 80DDB: Treatment of special illnesses for up to Rs. 80,000

Section 80E: Education loan interest payment

Section 80EE: Home loan interest payment for up to Rs. 50,000

Section 80G: Donation to approved charitable institutes.

Section 80GG: Rent paid by employees not having HRA

Section 80GGB and 80GGC:  Contributions made to political parties and individuals

Section 80TTA: Savings account interest for up to Rs. 10,000

Section 80U: Handicapped taxpayers can claim a tax deduction for up to Rs. 1.25 Lakhs.

Section 80RRB: Royalty or patent income for up to Rs. 3 Lakhs

Section 24B: If you have a home loan, you will be tax exempted on your interest payment for up to Rs. 2 Lakhs.

Additional Reading: Investments with Tax Benefits