What is the Best Investments to Reduce Taxable Income?

The best investment to reduce the taxable income is:   

• Contributions to the PF and NPS: many of the salaried person contribute a few percentage points (12%) to their provident funds, and this contributed income in the PF is not counted as the taxable income under the new regime and old tax regime, a individual salaried person can contribute up to % of their income in a year to PF, and NPS, even this included in your cost-to-company, you are not have to pay tax on the contributed income. Similarly, an individual employer can contribute 14 of their income to the NPS (National Pension System) under Section 80CCD(2) with both the new tax regime and old tax regime, and this will not be taxable. 
• Interest on home loan: Interest on the home loan is deductible under section 24(b) of the Income Tax Act under the new tax regime and the old tax regime, which results in your taxable income coming down and helps to lower the tax burden. However, the interest is treated separately, and the deduction depends on whether the property is let out or self-occupied. 
• Buying life insurance plans: Buying a premium life insurance plan under Section 80C of the Income Tax Act allows deductions for premium life insurance policies. For the policies purchased after April 1, 2012, you can get a tax deduction for up to INR 1.5 lakh, and claim it under Section 80C if the annual plan is less than the sum of 10%. For the policies purchased before April 1, 2012, you can get a tax deduction under section 80C if the total annual payments are not more than 20% of the sum expected.