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How to calculate tax for a year?
I got a job this July with 30000/month salary. How much tax will be applicable to me for a year say July 2016-June 2017? How can i calculate it? What are the best ways to exempt that tax?
I donot know anything about tax and exemption, so i would prefer answer in layman's terms. Thanks
Replies (1)
Assuming, you to be unemployed till june, your salary till March 2017 will be calculated as 2.7 lakhs. Any perquisites shall be added to it. Taking all other additions as 0.30 L; and no more interest income, except savings acc interest upto 10K; your tax liability will be NIll. (after taking rebate of 5K under sec. 87A)
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