One of your clients in India, a government employee, would like to reduce his taxes . He is trying to decide whether he should contribute 50,000 to a Retirement Savings Plan this year. He has life insurance policy to which he pays a monthly premium of 8500.

a. What advice would you give to your client regarding Retirement Savings Plan contribution? Explain your conclusion.

b. What are the other alternative methods through he can plan his income and tax.