Below are the Basic Investment components, you can not understand just like that, slowly go through it one by one raise your doubts.
Under Sec 80C below are the investments an employee can submit for the FY (Limit Rs 1,50,000)
1. Premium paid to the Life Insurance Company
2. Contribution towards 15 year Public Provident Fund with SBI, Nationalized Banks or Post Office
3. Subscription to National Savings Certificates, VIII Issue
4. Payment for notified Annuity Plan with any Life Insurance Company
5. Subscription towards Cumulative Time Deposits with post office.
6. Subscription towards notified Equity Linked Saving Scheme of Mutual Funds
7. Principal repayment on Housing Loan to Financial Institution towards cost of purchase / construction of a residential property
8. Amount invested in approved bonds in a institution engaged in infrastructure
9. Amount deposited towards a notified term deposit for a period of 5 years or more with scheduled banks
10. Sum paid as tuition fees for full time education for your children
11. Premium paid towards notified pension schemes of Life Insurance Company
12. Contribution to Unit Linked Insurance Plan of Life Insurance Company or Unit Trust of India (UTI)
Sec-80D Medical Insurance
1.Medical Insurance Premium paid for Self/Spouse/Children (Max 15000/-)
2. Medical insurance premium paid for Parent(15000/-, incase of Sr. Citizen Parents 20000/-)
80DD - Disabled Dependant (Max limit 1lakh)
80E - Education Loan (Limit 3lakhs)
80U - Self with Physical Disability (Max limit 1lakh)
Interest on Housing Loan (If it is Self occupied limit is 2lakhs, if it is a let out property no limit, need to deduct Rental Income and Property Tax)
80EE-Additional Deduction on Housing Loan
1. The loan is sanctioned by the financial institution during the period beginning on 1st April, 2014 and ending on 31st March, 2015.
2.The amount of loan sanctioned for acquisition of the residential house property does not exceed Rs. 25 lakhs.
3.The value of the residential house property does not exceed Rs. 40 lakhs.
4.I do not own any residential house property on the date of sanction of the loan.
80CCG - Rajiv Gandhi Equity Savings Scheme (Limit 50,000)
Apart From above you will have below components can be reimbursed
Exemption under Sec 10:-
HRA (a) HRA paid by Employer 40 to 50% of Basic b) Rent Paid by Employee to the land lord c) Rent Paid by Employee-10% of Basic) out of these three values whichever is less that will be considered for Tax Exemption)
Medical Allowance 15000 per year
Child Education Allowance 100 rupees for 1 child, maximum 2 Child
Conveyance 800/ or Fuel (either fuel or Conveyance 1 only you can opt)
Exemption Under Sec 16:-
Professional Education reimbursement
Professional Tax paid by employee
18th September 2014 From India, Visakhapatnam