It means yours income will be around 5 lakh annually . for a individuals upto age 60 rs 2,00,000 is exempt , between age 60-80 rs 2,50,000 is exempt , and above 80 rs 5,00,000 is exempt . I am guessing your age is below 60 then you had to pay tax for rs 30000 .
The taxes can be reduced if you put it for pf ppf it will be deducted to a maximum limit of rs 100000 annually under sec 80c .
if some expense made on...
more... medical treatment of dependent then you get deduction in 80D ,
for higher education of your ward the deductions will be provided in 80 e ,
for donations to political party , educational institutions , pf relief funds etc can be taken in 80 g ,
80 tta for interest on saving upto rs 10000.
and if disabled your 50000 income more will not be taxed if severe disability then it is 100000. these are only few .
Rules may vary from person to person
Disclaimer- tax rules vary from year to year