Leave a Reply

Your email address will not be published. Required fields are marked *

19 − 13 =


  1. 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/
    .