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.

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/
.

Remove - 115000 from 350000 thats actually exempted .

for 235000 you will pay apprx - 22000

You can calculate it yourself at : http://www.itrust.in/jsp/financial-plann...

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