What's the income tax an entry level software engineer earning 3 lac p.a should pay in India?
Dear Shamily, As per the income tax provision, any individual who earn income than he is eligible to get the exemption limit of rs 250,000/- also if his total earning during the year is less than 500,000/- than he is also eligible to get the benefit of rs 2,000/- under section 87A. So in nut sell your exemption limit of rs 270,000/- and balance rs 30,000/- is taxable at 10.30%. however you can save your tax if you invest rs 30000 under section 80C. Any other query feel free to contact us. Writer CA Chitranjan Agarwal