Income Tax Calculation

Hi!

I need a formula to calculate Income Tax. The Calculation is mentioned below -

Consider the Salary to be 460,000.

Following are the Tax Slabs -

0 - 150,000 - 0% Tax
150,000 - 300,000 - 10% Tax
300,000 - 500,000 - 20% Tax
500,000 - 700,000 - 30% Tax
More than 700,000 - 35% Tax

So Basically out of our Salary of Rs. 460,000 the 1st 150,000 will be Non Taxable, 150,000 will be Taxed @ 10% & the remaining 160,000 @ 20%.

Can anyone help me out with this? (Sample File Attached)

Cheers!

Deep

See this...

http://mcgimpsey.com/excel/variablerate.html

Hi,

One way amongst several

Formula:

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Hi!

Thank You for the solutions.. Great Help! I had solved the same using Choose & Match

I just changed the Slabs from Upper Limits to Lower Limits & used the below Formula -

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Deep

You're welcome. Thanks for the feedback!