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
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