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My fixed CTC is INR 350000 p.a. from January2008, Please tell me the probable income tax I will have to bear.?

My salary details per month: Basic-22500; HRA-4860; Conveyance-800; Medical remburcements-1000; I pay LIC premium of 1925 p.m. & House rent 4000 p.m. & planning to invest INR 2000 p.m.in mutual funds. Please let me know the Income tax p.m.

Public Comments

  1. Remove - 115000 from 350000 thats actually exempted . for 235000 you will pay apprx - 22000
  2. gross salary ==============350000 OR CALCULATE BY MULTIPLY 12 TO MONTHLY SALARY I HAVE TAKEN 3.5 FOR EASY CALCULATION, less hra(least of following) 1.hra received=4860 2.(rent paid -10% of salary) 4000-2250(10% of salary) =1750*12=================(-)21000 less conveyance(800*12) =====(-) 9600 less Med reim-=============(-)12000 ------------- net salary 307400 less lic pre 1925*12========= 23100 less pf if any less m fund (assume tax saving)=24000 net salary ------------ 260300 tax on 260300 UPTO 110000 NIL 110000-150000 10%=4000 150000-250000 20%=20000 250000-260300 30%=3090 TOTAL=27090+CESS 3%=833RS TOTAL=27923 THIS CACULATION IS BASED ON FULL YEAR INCOME BASED AND AS PER CURRENT RULE . AS YOU HAVE START EARNING IN JAN 2008 ONLY U CAN DO UR CALCULATION ACCORDINGLY .UR EXCEMPTION LIMIT WILL BE REMAIN 110000 EVAN UR SALARY IS FOR THREE MONTH ONLY IN 2007-08 http://simpletaxindia.blogspot.com/ .
  3. You can calculate it yourself at : http://www.itrust.in/jsp/financial-planning/article/Calculating-Your-Tax-Liability.jsp
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