Ways to reduce income tax as much as possible?

Rahul (Mr) (54 Points)

05 May 2022  

Hi All,

My friend's salary break up is as below:

CTC Breakup
BASIC 997500
HOUSE RENT ALLOWANCE 498750
BONUS 42000
BENEFITS PLAN 356175
ADDITIONAL ALLOWANCE 488308
PROVIDENT FUND (EMPLOYER CONTRIBUTION) 119700
GRATUITY 52967
HEALTH BENEFIT (NOTIONAL AMOUNT) 9600
VARIABLE PAY 285000
TARGET COST TO COMPANY (PER ANNUM) 2850000

He's getting an interest on Savings Account/FD of around Rs 300000 - 350000 PA.
He invests Rs 150000 in PPF.

What other options are there to reduce the tax as much as possible?
Please explain in detail.

Thanks in advance!