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.

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


  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

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