Principal of Home loan up to 1.5 lakh under 80c and Interest up to 2 lakh can be deducted from income.
Interest earned on a savings account is exempt for taxation up to Rs. 10000/- and for senior citizens the limit increases to Rs. 50000/-
Invest to good saving instrument like Mutual Fund, GPF, PPF, NPS, Sukanya Samridhdhi Yojona etc.
You can contribute up to Rs. 50000/- extra into the National Pension Scheme, as this amount will be tax free.
The interest paid on Education Loan is tax free under section 80E of the income tax act. There is no limit of such category.
Every tax payer can claim a deduction for medical insurance premiums paid in any given year under Section 80D
When HRA is a part of salary, if you reside in a rented place, can avail House Rent Exemption under section 10(13A).
There is a standard deduction of Rs. 50000. This is the maximum amount for all salaried person only.
Wedding Gifts received is tax free under section 56(2).