if you cancel ticket before 48 hours, your refund amount will be=your ticket cost - service tax - the amount given for each class, per person.
for instance if you have a e-ticket in 2A, costing 1000 rs, then you'll get back 1000-0-200=800 rs (service tax is zero now on e-tickets)
if you cancel between 12 hours to 48 hpurs before departure, then you'll loose 25% of fare in cancellation. for the aforementioned 1000 INR ticket you'd have got 750 back (25% of 1000 ie 250 deducted). however, if the 25% of ticket...
more... is less than the value given per class in table 1, then the value given in table 1 would be deducted. So, say if you had a first class AC ticket costing 700 Rs and you cancelled it 15 hours before departure (i.e. in 12-48 hours before departure gap) then fare deducted would be ideally 25% of 700 i.e. 175 rs. however this amount of 175 is less than the 240 rs value given in table 1, hence you'd be deducted 240 rs for the same.