Tax Rates 2014-15 for Salaried Persons have already been announced by the Government. The maximum amount on which tax will not be charged is Rs. 400,000 i.e on the amount of Rs. 400,000/- there will be no tax.
If the taxable amount exceeds Rs. 400,000/- but does not exceeds Rs. 750,000/- then there will be 5% tax on the amount exceeding Rs. 400,000/-.
Other details of the taxable income are shown on the schedule.
For salaried persons, taxable income is gross salary or net take home salary?
Dear as far I know there are also included allowances in it too.