Check out this simple Tax calculator to know how much you owe to the government.
Section 10;Section 16;Chapter VI A
Now that you know what the Govt is going to take away from you, you need to quickly plan how to go about investing this money. I have listed three options were you do not need to invest any lump sum amount initially.
SIP) in NPS or open a PPF account and transfer money online. Please make the investment date one or two days after your regular salary credit dates to prevent all that cash vaporizing into thin air.
I have not listed ELSS as an option above as the tax benefits on them are about to be phased off. I would give No: 1 priority to NPS which will help you build a retirement corpus and give you the extra equity kicker of 50%. Long term investments in the equity market will surely fetch you better returns than PPF or EPF.