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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Excel formula
Replies (16)
=(if taxable income=< 500000, tax-2000, "no deduction")
JUST CLICK ON ATTACHMENT
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.
thank you guys..keep sharing
Thank you all for sharing your knowledge....
=IF(B1>=500000,"Tax-5000","No Tax")
=if(b1<500000,b2-2000,b2)
where b1 is total taxable income, b2 is tax chargeable
thnx for sharing file
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)))
@ 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
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| Originally posted by : Vaisakh Ayyappan Prakash(VAP) | ||
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=if(b1<500000,b2-2000,b2) where b1 is total taxable income, b2 is tax chargeable |
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This will give -2000 when b2(tax chargeable is 0)
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