My current salary is Rs 310000, what would be my tax according to Tax slabs 2007?

The tax depend on the tax payers status. There are 4 types of Tax status. Each status has its own tax eligibility. The tax free income for each status are as follows.

Male (<65 years) or HUF ----Rs.1,10,000
Female (<65 years)------------Rs.1,45,000
Seniour Citizen (>65 years)-Rs. 1,95,000

Now I am treating you as Male. The tax for you for this running financial 2007-08 (A.Y 08-09)

0,00,000 to 1,10,000 @00% = Rs. NIL
1,10,001 to 1,50,000 @10% = Rs. 4,000
1,50,001 to 2,50,000 @20% = Rs. 20,000
2,50,001 to 3,10,000 @30% = Rs. 18,000
Total Tax=Rs.42,000+Edu.Cess@3%=Rs.1260= Rs.43,260

You can save tax if you invest in investments like PPF, LIC, NSC ect. This investment is called deduction u/s80c and you can invest up to 1,00,000. If you invest Rs.1 lakh in 80c deduction, then you have to pay tax on Rs.2,10,000 only and the tax there on will be Rs. 16,480/-. Thus you save Rs.26,780.

310000 - 110000 = 200000
30 % on 200000 = 60000 wud b ur tax payable.
so try to invest in MF's, PPF, Bonds, FD's under which u get tax exemption.
Now subtract from 200000 wat u have invested and calculate 30 % on that.
That wud b net tax payable.
Hari OM!!

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