30 November 2009
calculate total salary payable for the current FY after deducting the pemissible allowances like Conveyance,HRA etc to get the taxable salary.
Then deduct losses from House Property if any ( interest paid on Housing loan)
Deduct : Deductions under chapter vi i.e. investments under Sec 80 C, Medical Insurance pemium D0D, donation 80G etc and u will get taxable income. Now compute tax at the applicable rate and distribute among the months availbale for deducting Tax at source.