It is not clear from your mail whether you are self employed or a salaried professional. I am assuming your income is from salary: a brief info on taxation:
Gross income = Income from salary other income like rentals etc Rs Gross income - 4,00,000 No tax up to - 1,35,000 Taxable income - 2,65,000
If you have housing loan - Interest payable annually on the said loan Up to Rs 1,50,000 would be deducted from your taxable income
Apart from that you can save up to aggregate Rs 1,00,000 which would not be taxed by way of NSCs, KVPs, Mutual funds (specific type), Provident fund, Public Provident Fund, Annual premium on LIC etc.
So assuming you have no housing loan you can save up to Rs 1,00,000 to avoid tax to that extent.
Say PF - 12000 LIC premium - 20000 PPF - 30000 Mutual funds -10000 NSC - 28000 (only indicative - rest your discretion) Total - 1,00,000
