There are various ways to reduce your income tax burden through careful tax planning. The Income Tax Act provides deductions and exemptions that can be claimed to reduce your taxable income and decrease your tax liability. Some commonly used deductions and exemptions include investments under Section 80C (up to Rs. 1.5 lakh), additional deduction for NPS contributions under Section 80CCD(1b), medical insurance premium deductions under Section 80D, donations under Section 80G, house rent allowance exemptions under Section 10(13A), deductions for education loans under Section 80E, and deductions for home loan interest under Section 24.