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To save tax, you can invest in National Pension System (NPS). Investments made in this scheme are tax exempt under Section 80CCD (1), Section 80CCD (1B), and Section 80CCD (2) of the Income Tax Act, 1961. Under Section 80CCD (1B), you can be entitled to a tax deduction of Rs 50,000 annually by investing in NPS. This is separate from the tax exemption of Rs 1,50,000 lakh under 80C.