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Hi i have a new offer for 13 lakhs and when i exclude the non taxable components and my investment the taxable income is 1,102,200. From this do i need to calculate flat 30% as tax or what ? some say it is like
Tax upto Rs 5 lakhs = 32,000
5- 8 lakhs = 60,000
8 -13 = 150,000
Total = 242,000
need help...not sure how to calculate

Income tax slabs for current financial year is as under :
Income Tax Slab for Financial Year 2012-13 Assessment Year 2013-14
For Men and women : Up to 65 years
Up to Rs. 2 lacs - Nil
from 2 lacs to Rs. 5 lacs - 10 %
from 5 lacs to 10 lacs - 20 %
above 10 lacs - 30 %
And Education cess of 3 % on the same.

Thanks Mr.Nilay. So for a taxable income of 1,102,200
0 to 2 lacs = nil
2 to 5 lacs = 30,000
5 to 10 lacs = 1,00,000
10 to 1,102,200 = 30660
total = 1,60,660 + 4819 (3 %)
= 1,69,479 i.e 13,789 per month
is this correct, pls confirm

Pls. also give details of your investment, LIC, Children school fees etc...... then only you will find actual taxable amount.
Dear Sherin, I have just uploaded the sample excel sheet explained how to calculate the tax.. this will guide you clear picture of income tax details.... Cheers Govindaraj
Hi, The tax calculation is ok..but the Total will be Rs. 1,65,479/- and not Rs. 1,69,479/-.
The above mentioned calculation is correct, if the taxable amount is Rs. 11,02,200/-. The total amount of TDS to be paid is Rs 1,65,479/- i.e. monthly Rs. 13,790/-
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