Normally tax was calculated based on june to may of a fiscal year. And there is tax slabs, let say a person lie in tax slab 3,
(3. Where the taxable income exceeds Rs, 500,000 but does not exceed Rs, 750,000)
His tax will be Rs, 2,000+5% of the amount exceeding Rs, 500,000
Let say his annual salary is 750000 (Monthly 62500) and his annual tax will be 14500 according to tax slab 3.
Now if he joined a company at mid of January then what will be the tax deducted and on what formulla?