Hi,
My company sent me to US (NY) for 1 year project on inter company transfer (L1B visa). The company is based on India. I have reached US on 7th Feb, 2009. My salary is two components - indian salary and US Allowance. My total salary is $77700 per year with US allowance component is $42000. I am here with my wife and 2 year old kid (both on L2 visa). How much tax will be deducted from my salary? What is the tax year in US? Do I have to pay double tax (India and US)?

On L1B you will be able to file joint return as residents and claim your kids as dependents. You must report your India salary and U.S. allowances on the U.S. tax return. Read about L1B tax filing: Your U.S. Tax Return: The U.S. Visas

You India taxes, you may post your question at mytaxes - Index