The Indian government offers a wide range of tax exemptions to boost investments and promote specific economic activities – for example, it offers an exemption on insurance premiums to encourage more people to purchase life cover.

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" To calculate taxable income on salary, one needs to deduct the standard deduction or eligible allowances, including HRA and LTA, from the gross salary. The balance is added with other income like interest on fixed deposit, capital gains, and rental income. Deductions under Section 80C, 80D, and others are allowed from the gross total income, and the remaining amount is the taxable income."