As per Lawkidunya, here below investments/payments reduce your taxable income by Rs 1.5 lakh.
PPF (Public Provident Fund)
Tax Saving FDs.
ELSS (Equity Linked Savings Scheme)
NSC (National Saving Certificate)
Life Insurance Premium.
NPS (National Pension Scheme)
Home Loan Repayment.
Payment of tuition fees
