What is the tax payable by me? please see details furnished.?

pension from the month of april 2007 to 2008 is rs85709.94. interest on deposits in bank rs 18283 and interest on deposits in chit fund company is rs 51099.70 totaling rs 155092.64. i paid insurance amount of rs 31608 and paid mediclaim insurance amount of rs 7079 and rs 1536/- shall i have to pay tax? how the tax is computed?

i am not a senior citizen i am aged 53 years.

Your tax liability for FY:07-08 (1.4.2007 to 31.3.2008) is as follows:

Tax Calcu. for MALE -Tax free Amt. Rs.110000

155,093 = Gross Total Income (Taxable At Slab Rates)
040,223 = LESS: Deductions U/Chapter IV-A (80C Etc.,)
-------------
114,870 = Net Total income taxable as per slab rates
=======
000,000 = TAX @ 0% Income Exempt from Tax on Rs.110,000
000,487 = Tax @10% between 1.1 to 1.5 lakhs on Rs.004,870
000,000 = Tax @20% between 1.5 to 2.5 Lakhs on Rs.000,000
000,000 = Tax @30% on > 2.5 lakhs on Rs.000,000
-------------
000,487 = Tax Payable on Net Income Rs.114,870
000,015 = ADD: Education cess @ 3% on tax Rs.000,487
-------------
000,502 = Net Total Tax Payable.
=======

You don't have to pay Income Tax because your Income is below from 1,20,000/-.

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