Well, that is really interesting. What did your Finance Manager have to say about this? If he is a CA, he will be the best person to plan.
Understanding Tax Saving Perquisites
To give a general idea, you will have to understand the various perquisites where tax saving can be availed. Besides HRA, there are a few other areas where tax rebate is possible, such as Education Allowance (permitted @ Rs.300/child), Professional Development Allowance, and LTA. In all these circumstances, bills are required to be given as proof.
Personal Tax Rebate Options
Personally, an individual can claim income tax rebate on any home loan interest he is paying. Any insurance he pays under 80CC is also exempt. All proofs have to be submitted before February in order to manage TDS properly.