I am a salaried employee, my salary is 16000 per month and got bonus 42000 my ivestment is 61500?

No income tax till income 0- 200000 Income tax slab (in Rs.) Tax 0 to 2,00,000 No tax 2,00,001 to 5,00,000 10% 5,00,001 to 10,00,000 20% Above 10,00,000 30% 16000 X 12 = 192000 so no income tax ---------------------------------------... Example how to Calculate Income Tax suppose you have 20000 per month income means annual income =20000*12=240000 as IT department have no tax till 2 Lac so your taxable income = 240000-200000=40000 your income tax @ 10% = 10/100*40000 = 4000 Tax ---------------------------------------... Calculate Rent Exception for TAX example minimum amount of three case given below will exempted i) Total HRA(house rent received) annually ii) 50 % of Monthly salary paid in Rent(40% non Metro Cities) iii) Rent Paid -10%of Salary Received Annually if you paid Rent less than 10% of your monthly salary then no Exemption for tax according to a example salary get is 20000 and rent paid is 3000 so 3000 - (10% of 20000)=1000 is monthly tax free income.

Monthly salary upto Ra. 21000/- p.m. Is directly exempted from paying any Income Tax.

Even above Rs. 21000/- You will get discount for house rent paid, children educational expenses, insurance policies, house building loan interest (availed from nationalised banks) etc.

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