Comment posted on Income tax calculator for 2012-13 and Budget 2012 update by benny.
I seek ur advise on the following. Supposing my taxable income for the year 2012-13 (after standard deductions and non-taxable limit) is Rs.150000 how can I avail tax benefit on the above amount. Please let me know if premium payment for Rs.15,000 on my LIC policies during the A/Y would suffice tax liability. or I need to invest the whole taxable amount to get the tax relief.