The taxable income is Rs. 6,00,000 - Rs. 1,50,000 = Rs. 4,50,000.

The limit for claiming a deduction under Section 80D for health insurance premium for a family including parents is Rs. 50,000.

The maximum deduction available under Section 80C for the financial year 2022-23 is Rs. 1,50,000.

The individual is considered a Resident as they meet the basic condition of staying for 60 days in the current year and 365 days in the preceding four years.

The tax rate applicable for individuals with an income between Rs. 2.5 lakh to Rs. 5 lakh is 5%.

Agricultural income is exempt under Section 10 of the Income Tax Act.