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Income Tax Calculation

  1. #1
    Forum Expert NeedForExcel's Avatar
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    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
    Attached Files Attached Files
    Cheers!
    Deep Dave

  2. #2
    Forum Guru Tony Valko's Avatar
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    Re: Income Tax Calculation

    See this...

    http://mcgimpsey.com/excel/variablerate.html
    Biff
    Microsoft MVP Excel
    Keep It Simple Stupid

    Let's Go Pens. We Want The Cup.

  3. #3
    Forum Moderator Richard Buttrey's Avatar
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    Re: Income Tax Calculation

    Hi,

    One way amongst several

    Formula: copy to clipboard
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    Richard Buttrey

    If any of the responses have helped then please consider rating them by clicking the small star icon below the post.

  4. #4
    Forum Expert NeedForExcel's Avatar
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    Re: Income Tax Calculation

    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
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    Last edited by NeedForExcel; 09-07-2014 at 01:00 AM.

  5. #5
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    Re: Income Tax Calculation

    Quote Originally Posted by Tony Valko View Post
    Thank you; very clearly and thoroughly explained.

  6. #6
    Forum Guru Tony Valko's Avatar
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    Re: Income Tax Calculation

    You're welcome. Thanks for the feedback!

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