How much tax i need to pay?

I am from India and i am earning some money from freelancing. This year i earned 3,00,000. I like to know how much i need to pay as income tax? And also i like to know what is meant by exempt? Do exempt is applicable for me?


How much tax i need to pay?
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  1. U have made Income of Rs. 3,00,000/- If u r having some invest’t in Insurance, Post-office National Saving Certificate, PPF ur childs school fees etc. then take all this investment as deduction under chapter VI A u/s 80 C . till Rs. 1lac u r liable for rebate under this sec. u/s 80G u can avail deduction if u have given donation to any govt.body/authority/fund/ or any other trust/ political party who is registered under this sec. even if u have invested Rs. 50,000/- in RGESS u can take rebate of 50% on that much amount and save ur tax. Likewise there r other sections of IT act thru which u can save tax and be non taxable. On Other side if u dont have any tax saving investment u cum under tax slab of 10% after Rs. 2lac exmpt i.e u r tax w’l be 10300(IT+EC+SHEc)(a.y. 13-14)if u r sr. citizen u pay tax Rs. 5150/- (A.Y.13-14)Exemption means tax free.

  2. Income from freelancing comes under the head Income from Business & Profession. You can deduct necessary expenses which would have been incurred to earn this income. Net amount is further deductable by an amount which is invested as per section 80C of Income Tax Act 1961. Final amount so found is taxable as under
    Upto Rs 2 lacs NIL
    From Rs 2 lacs to 5 lacs @ 10%
    From Rs 5 Lacs to 10 lacs @ 20%
    From Rs 10 Lacs and above @ 30%
    Also add 3% of tax so calculated as Educational Cess

    Exempt income means any income which is not liable to Income Tax.