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I have a LIC money back policy, which pays money every 4 years.

I have received the 1st payment. I wanted to know whether that amount is taxable, and how would the tax be calculated?

I am in India.

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Currently certain money back policies are tax free and a vast majority are taxable. There are revised guidelines that would govern which policies are tax free. At a broad level the rule is that the sum assured under the policy should be 10 times the premium paid. There is no distinction of single premium or yearly. Hence certain policies of single premium are taxable. Further there is a TDS also in place from this year. This article gives a good overview. You should consult the documentation of your specific policy and check with your insurance company or CA.

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