31 January 2013
For eg Mr. A have monthly income of Rs. 30000/- that means 3.6 lacs pa. Now if we talk about fy 2012 - 13 means upto Rs. 2 lacs nil suppose Mr. A have 80C worth Rs. 1 lac then its taxable income will be Rs. 60000 (3.6-2-1) thus tax @ 10.3% will be Rs. 6158. Now this amount will be deducted from Mr.A salaries in 12 equally monthly amount I.e. Rs. 515/- or can be deducted at one time..
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