With the income tax return filing deadline approaching fast, it’s common for taxpayers to realize at the last moment that they could have reduced their overall tax burden through smart investment planning. Tax-saving deductions not only cut down your liability but also support long-term wealth creation. Even if you missed the chance in FY 2024-25, it is not too late to plan for the current financial year. The deadline to file the income tax return (ITR) for Assessment Year 2025-26 for taxpayers who don’t need their accounts to be audited has been extended to Sept. 15 from July 31 earlier.Here are some investment options that can help maximise the tax benefits under various sections of the Income Tax Act, 1961. It is important to note that the tax benefits can only be claimed under the old tax regime, instead of the new tax regime.ITR Filing: Comparison Of Deductions Under Old And New Tax Regime For FY 2024-251.Equity-Linked Savings Scheme (ELSS)ELSS mutual funds are among the most preferred tax-saving instruments for taxpayers. For the ELSS investments, taxpayers can claim deductions within the overall limit of Rs 1.5 lakh in a financial year under Section 80C of the Income Tax Act. The ELSS schemes come with a three-year lock-in period and offer market-linked returns that can potentially outpace inflation. For people with a higher risk appetite, ELSS provides both tax benefits and long-term wealth creation.2.Public Provident Fund (PPF)For those who prefer safety and assured returns, PPF could be a trusted option. Contributions qualify for deductions under Section 80C. Also, the interest earned is completely tax-free. With a 15-year lock-in, PPF helps build a retirement corpus while ensuring steady and risk-free returns.3.National Pension System (NPS)The NPS offers additional tax benefits over and above the Section 80C limit. Investments up to Rs 50,000 under Section 80CCD(1B) can be claimed as deductions, apart from the Rs 1.5 lakh limit under Section 80C. With exposure to equity, government securities and corporate bonds, NPS is suitable for long-term retirement planning while providing tax relief.4.Tax-Saving Fixed Deposits (FDs)If you prefer traditional banking products, five-year tax-saving FDs could be another suitable option. You can claim tax benefits under the overall limit of Section 80C. While interest earned is taxable, they are simple, low-risk and suitable for conservative investors.5.Health Insurance PremiumsUnder Section 80D, premiums paid for health insurance policies also qualify for tax benefits. Taxpayers can claim deductions on premium payments up to Rs 25,000 for self and family, and an additional amount of Rs 25,000 for parents (Rs 50,000 if they are senior citizens). Beyond tax savings, this also ensures financial protection against medical emergencies. Investments made with tax planning in mind help you save more and secure your financial future. Instead of rushing at the last minute before filing your ITR, create an investment plan early in the financial year. By balancing safety, growth and tax efficiency, you can reduce your burden and steadily build wealth.. Read more on Personal Finance by NDTV Profit.