Mr. Mhatre is 50 years old. His gross total income is Rs. 12,00,000. He has invested in
the following amounts in different schemes.
(i) Insurance premium : ₹ 90,000
(ii) Investment in provident fund : ₹ 25,000
(iii) Investment in PPF : ₹ 15,000
(iv) National Savings Certificate : ₹ 20,000
Find out the permissible deductions, taxable income, and the income tax payable.