ITES Employee - I pay too much tax ( details of payslip attached)

Hi All,

I am an ITES employee (M 35) based out of a Tire 2 city. I am married with two kids and my wife recently had to quit her job to take care of our new born kid and on-going covid situation. 

This might sound like a mid-life crisis; however, I have always been financially ignorant, with no significant planning and foresight towards investments or savings. Recently, due to the existing downturn, i almost lost my job ( my name was on the probable lay-off list, but was exempted this time) and realized I barely have any liquid savings (~ Rs 3 to 4 Lakhs), some equity and MF. 

As a start, i was wondering if i could decrease my monthly TDS and could divert that amount to a investment/saving route. I have attached breakdown of my monthly payslip (Sept 2020) as a reference.

Appreciate your help.

Thanks,

SK