Income tax calculation

Others 418 views 4 replies

Rakib

Finance Professional

30 Points Joined August 2015

I posted a problem and got a solution through email. But it doesn't work.

Problem was:

Please help me to calculate tax in excel First 250000 0% Next 400000 10% Next 500000 15% Next 600000 20% Next 3000000 25% 4750000 30% if total amount is above forty sevel lac fifty thousand then 30% tax on rest of the amount

and solution was:

excel-formula-for-calculating-slabs

Goto Developer -Visual basic- tools - references - tick visual basic for apllications [VBA] then

insert module.

Paste following code in module

Function Tax2015(Inco)
Select Case Inco
Case Is < 250000
Tax2015 = 0
Case Is <= 500000
Tax2015 = (Inco - 250000) * 0.1
Case Is <= 1000000
Tax2015 = 25000 + (Inco - 500000) * 0.2
Case Is > 1000000
Tax2015 = 125000 + (Inco - 1000000) * 0.3
Case Else

End Select

End Function

any where you can type =Tax2015 (A5) a5 is cel where taxabale income is there

I hope this helpsl

I think there is some error in this formula. Would you please check it again

Please help me get out from this problme. I can't work with it

Regards

Rakib

Replies (4)

S. Shiroor

Others

1212 Points Joined July 2015

I have given solution in ur other post.

The above solution is for India for AY 2015-16

and Not to your problem

S. Shiroor

Others

1212 Points Joined July 2015

Directly in excel sheet it is slightly cumbersome

=IF(D12>4750000,(D12-4750000)*0.3+985000,IF(D12>1750000,(D12-1750000)*0.25+235000,IF(D12>1150000*(D12-650000)*0.2+115000,(D12-650000)*0.15,IF(D12>250000,(D12-250000)*0.1,0))))

I hope this helps

S. Shiroor

Others

1212 Points Joined July 2015

Sorry some mistake

=IF(D12>4750000,(D12-4750000)*0.3+985000,IF(D12>1750000,(D12-1750000)*0.25+235000,IF(D12>1150000,(D12-1150000)*0.2+115000,IF(D12>650000,(D12-650000)*0.15+40000,IF(D12>250000,(D12-250000)*0.1,0)))))

i hope this helps

S. Shiroor

Others

1212 Points Joined July 2015

In case you are new to VBA then step by step method

1] Step 1:- Click on file -- options-- Customize ribbon -- check the developer tab on right

Now you will see the developer tab in main XL sheet

2] Step 2:- Click on developer tab -- visual basic -- Vb window will open [ur xl sheet is minimised]

In VB window click Tools--reference--check on the Visual basic for apllications and the object library.

3] Step 3 :- on the left is the object browser. Click and highlight ur xl sheet. Then click insert and then module.

4] Step 4:- Paste the following code in the module

Function Taxs(Inco)
Select Case Inco
Case Is < 250000
Taxs = 0
Case Is <= 650000
Taxs = (Inco - 250000) * 0.1
Case Is <= 1150000
Taxs = 40000 + (Inco - 650000) * 0.15
Case Is <= 1750000
Taxs = 115000 + (Inco - 1150000) * 0.2
Case Is <= 4750000
Taxs = 235000 + (Inco - 1750000) * 0.25
Case Is > 4750000
Taxs = 985000 + (Inco - 4750000) * 0.3
Case Else

End Select

End Function