1. Calculate your total income for a period say 1.4.11 to 31.3.2012.
2. Depending on your sex and age, deduct the first 1,80,000 (Male) 1,90,000 (female) or 2,40,000 (Senior citizen male or female).
3. You can deduct another Rs. 1,00,000 if you have saved this much sum in Provident Funds, Life Insurance Premia or National Savings Certificates.
4. You can deduct another Rs. 20,000 if you have invested them in Infra Bonds.
5. On the balance pay taxes @ 10%, 20% or 30% depending on your total income.
Hope this helps:)