How to calculate tax for a year?

Okay Mr.Dhiraj i will try to explain to you in best possible simple way- firstly there is a concept of previous year and assessment year in income tax according to which income earned in a previous year is taxed in the assessment year. For example, income under during 1st April 2016 to 31st March 2017 (previous year) will be taxed in assessment year 2017-18. Financial year is taken as April 1 to March 31st. Due date for filing return in your case is on or before 31st July 2017. Total income earned by you from July 2016 to march 2017(9 months) will be Rs.2,70,000 which is subject to tax. However there is a basic exemption limit is provided under the act under which no person with age below 60 years can be taxed if his taxable income is less than Rs.2,50,000. Your income fall in slab rate of 10% which means your income will be taxable @ 10% which is over and above basic exemption limit of Rs.2,50,000. Your tax accordingly comes out to be Rs.2000 {2,70,000-2,50,000}*10%. However government has provided a relief of Rs.2000(increased to Rs.5000 from A.Y. 2017-18) from tax on total income if your income is below Rs.5,00,000. Hence taxable income will become Nil in your case for the Previous year 2016-17.
Now we will talk about tax planning options: Mr.Dhiraj to reduce the burden of tax government has provided us various modes of investment through which we can reduce our tax payable. For example under section 80C you can take deduction of contribution to PPF, life insurance premium, principal repayment of housing loan etc. Then under section 80CCD you can invest in Government's pension plans. Under section 80D you can claim deduction of healt insurance premium paid and medical treatments incureed by you in self, your dpendants and parents. (I am not discussing them in details here).

I hope you will be satisfied with this information.

Thank you..

Yes I second Harshal

Agree with Uttam

U are not liable to pay tax.

In case of salary u can claim HRA 

U can claim 19200 as conveyance allowance.

and deduction of 80C

its all depends on ur elements of Salary amount.

If salary is below 500000/- u can clain 5000/- rebate under section 87A from tax

1. Agree with replys....

2. Good ways of explaining by mr. Harshal  

and as you do not know much about tax. it is essential to tell you that your employer might be deducting TDS. if thats the case file your ITR correctly taking the exemptions of allowances you are getting (if applicable ) and also deductions under chapter Vi A. So that you can claim refund of tax deducted by your employer. Althogh you are not required to pay tax but you will have to file return to claim refund.