TAX CALCULATION on 4 LAC PER ANNUM?

Basic: 160000, HRA: 80000, Conveyance: 9600 , Education Allowance: 2400, Other Allowances: 128800, Provideent Fund: 19200

What are best options available for tax saving as per my pay howmuch and how i invest for tax saving? I am live in rented house, please suggest?