This is one topic which has always puzzled me to no end. No matter how hard I try to understand it, I always do not seem to grasp the concept.
I'm currently considering an offer and would like to know if it would be beneficial to me. The only thing I need to figure out right now is how much will I end up paying in taxes.
Hypothetically speaking, let's say my annual income is Rs.15 lacs per annum. The only thing I show under deductions/savings is Rs.50,000 towards PF. No HRA exemption, no medical insurance premium (paid by the employer), nothing else.
In this case, what would be the approx amount of tax to be paid? More specifically, I'm really interested in how that is being calculated.