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Excel formula

Sharath (Asst. Manager Finance) (30 Points)

15 February 2014

Dear All,

Could you please let me know, what would be the formula in excel sheet for deduction of Rs. 2000/- u/s section 87A (Max 2000 if Income upto 5 Lac) ?

Thank you in advance.

Best Regards,

Sharath.....

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16 Replies

CA Gyati Gupta (In Practice) (8227 Points)
Replied 15 February 2014

=(if taxable income=< 500000, tax-2000, "no deduction")

2 Like

MAHESHWAR (CA Final (Article assistance)) (147 Points)
Replied 15 February 2014

JUST CLICK ON ATTACHMENT

Attached File : 362222 1286639 excel.xls downloaded: 2843 times

Saurabh Gattani (CA) (122 Points)
Replied 15 February 2014

Sashikant Tripathi (Chartered Accountant) (218 Points)
Replied 15 February 2014

Please find attached excel file.

And enter the total income in cell A5, it will automatically reflect the deduction amount in cell B5.

you can also copy the formula to the below cells and use it.

Attached File : 220937 1286647 deduction 87a.xlsx downloaded: 1706 times

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 15 February 2014

thank you guys..keep sharing

Sharath (Asst. Manager Finance) (30 Points)
Replied 15 February 2014

Thank you all for sharing your knowledge....

CA BAJRANG MUNDRA (JOB) (127 Points)
Replied 15 February 2014

=IF(B1>=500000,"Tax-5000","No Tax")

Vaisakh Ayyappan Prakash(VAP) (student) (474 Points)
Replied 16 February 2014

=if(b1<500000,b2-2000,b2)

where b1 is total taxable income, b2 is tax chargeable

CA Nitin K. Varshney (FCA DISA CCA Peer Reviewer (ICAI)) (606 Points)
Replied 16 February 2014

thnx for sharing file

CA Anil Soni (Asst. Manager) (201 Points)
Replied 17 February 2014

YOU CAN USE =IF(TAXABLE INCOME>1000000,(TAXABLE INCOME-1000000)*0.309+130000,IF(TAXABLE INCOME>500000,(TAXABLE INCOME-500000)*0.206+30000,MAX((TAXABLE INCOME-200000)*0.103-2000,0)))

Gurudeep singh (Student) (22 Points)
Replied 08 March 2017

@ Shasank Tripathi ..the formula provided by you is not effective when taxable income is less than 270000...i.e. amount of rebate would be more than tax amount