I recently got a job opportunity at a private company in Pune where they are offering me a salary of Rs 12 lakhs per annum. I have investments totaling Rs 1 lakh annually. How much income tax would get deducted and would it get deducted on a monthly basis? Someone told me that since I have investments of Rs 1 lakhs, I would have to pay an income tax of 33% on 50,000 Rs, which is Rs.16,500 per month. Is that true? As I would be relocating to Pune from Mumbai, I would have other expenditures like rent and food. So can someone please explain how the income tax calculation would work?