My ctc us 231000 and bonus for year 07-08 is 58000 & no other source of income then have i to paid tax?

If yes then what should be the percentage and to save it what are the source can any on guide me because till date i have not fileed any i.t. return . I am new to all this. Give me income tax slab if possible.

Your ctc Rs.2,31,000 plus bonus Rs.58,000. Total income is Rs.2,89,000 for the financial year 2007-08. Your tax liability will be as follows for this year.

If you are a male & <65 years of age:
Tax free till Rs.1,10,000
1,10,000 to Rs.1,50,000 @10%= Rs.04,000
1,50,000 to Rs.2,50,000 @20%= Rs.20,000
2,50,000 to Rs.2,89,000 @30%= Rs.11,700

Total Tax to be paid .Rs.35,700+Edu.Cess Rs.1,071=36771

Tax slabes for FY:2007-08:(See my best answer)
http://in.answers.yahoo.com/question/ind...

To save tax you can invest in any investments eligable u/s 80c. Those investments are explained in the below link.

http://www.rediff.com/getahead/2005/dec/...

If you save Rs.1 lakh in 80c investments, then your taxable income will be reduced by 1 lakh and you have to pay tax on Rs.1,89,000 insted of on Rs.2,89,000. In this case you have to pay a tax of Rs. 11,800+Edu.Cess 354 total Rs.12,154/-

Regarding new assessemnt filing for the first time:
First you should have a PAN number. If not, apply immediately. Collect form 16 from your employer. If you have PAN number and form 16, you can just file your returns. No other farmalities.

WOW..You are already earning $300 K and do not know how to file taxes.
What are you? The son of the CEO of the Co. ur working for?.

Shell out a few dollars to any tax consultants & they will do it for you.

Sorry missed that the Q is from India. Pls remove the "us" before the amount gives a wrong impression.
Yes If you have an income you need to file tax returns. But in your case you may not need to give taxes if you have some housing loans of more than 300000.