I want to calculate my In hand salary after deducting Tax

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Given my Salary Break up below i want to know the following - 1. How are tax calculations done on this structure. 2. What should be approx. be the in hand salary from this. 3. How much tax can be saved if a Tax saving of 1 Lakh is done. My Salary Break up is - Item Component Rs. Monthly Salary Basic 15000 HRA 12000 Flexi Basket 22700 Gross Monthly 49700 Annual Component LTA + Medical Basket 15000 PF AS per Act 21600 Super Annuation Mediclaim 5170 Total Annual Benefits 41770 Variable Compensation 112500 Total On Target Annual 750670