This information is India specific.
PPF - MUST !
Lifecycle fund - High returns!
FD - Declare in ITR form - requirement - Take from Form 26A.
Voluntary PF - Disadvantage - can't withdraw before 60 years. Best investment at 50+ years.
When you receive Form 16, make sure the deductions are given under Chapter VI.
80C Deductions= Sum of PF and your tax saving investments, up to Rs1 lakh.
80D Deduction= your medical insurance premium - Medical bills keep copy - can save Rs. 15000
Section 80C offers a maximum deduction of up to Rs. 1,00,000:
Deduction of Rs. 15,000 for medical insurance of self, spouse and dependent children and Rs. 20,000 for medical insurance of parents above 65 years
Donations to specified funds or charitable institutions.
Tax Saving from Home Loans: Use your home loan efficiently to save more tax. The principal component of your loan, is included under Section 80C, offering a deduction up to Rs. 1,00,000. The interest portion offers a deduction up to Rs. 1,50,000 separately under Section 24.