Comment on Taxation Simplified

Dear Nithin,

..Back with few querries on this topic again.
Is there any way to save tax from the profits we make?
My wife is a homemaker, trading is the only source where she has been earning.

At the moment, for 1st 2lakh income only we are not paying tax.. remaining amount is taxable as per taxation.

For employees, we can get tax benefits for
1. upto 1 lakh under 80cc
2. House rent or hosing loan etc..

Is it possible getting these benefits on trading income ???

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