Read the following information carefully, analyze it and answer the question based on it.

In the country, ABC, the income tax rate is as given below and the currency of the country is IRN

IRN 0 to 1000000 – 20%

And above IRN 1000000 – 25%

Tax is always calculated on the income after deductions if any. The deductions are as follows.

1. The standard deduction is IRN 50000 for salaried employees.
2. Any donation to a government-run scheme is also 100% tax-deductible but the maximum deduction is IRN 50000 only.
3. Premium paid towards life insurance and medical insurance is 75% tax-deductible with a condition of a maximum deduction of INR 75000.
4. If a person puts in saving schemes such as EPF, PPF, or NPS, the 80% of the amount is tax-deductible. The upper limit for each investment is IRN 40000.

The tax will be calculated hereunder the above-given brackets

If a person invests in the stock or bond market there will be 30% and 40% of the amount will be deducted from the stock market and bond market respectively from tax calculated before considering these two instruments. This will be the final tax payable on income. The maximum allowed investment amount is IRN 100000 each.

There will be a 0.05% of education cess and a 0.45% surcharge levied on the calculated income tax. This will be the total income tax liability of the individual.