One compact formula that can calculate income tax Medhasvi Expertise Pvt Ltd has given simple excel formula for calculating Tax in single cell.
Using if else Condition we can calculate Tax for current tax year new regime
| Income Tax Slab | Tax Rate |
|---|---|
| Up to Rs 2.5 lakh | NIL |
| Rs 2.5 lakh to Rs 5 lakh | 5% (Tax rebate of Rs 12,500 available under section 87A) |
| Rs 5 lakh to Rs 7.5 lakh | 10% |
| Rs 7.5 lakh to Rs 10 lakh | 15% |
| Rs 10 lakh to Rs 12.5 lakh | 20% |
| Rs 12.5 lakh to Rs 15 lakh | 25% |
| Rs 15 lakh and above | 30% |
Use this formula for calculating tax
=(IF(AW7>1500000,(62500+50000+37500+25000+12500)+30%(AW7-1500000),IF(AW7>1250000,(50000+37500+25000+12500)+25%(AW7-1250000),IF(AW7>1000000,(37500+25000+12500)+20%(AW7-1000000),IF(AW7>750000,(25000+12500)+15%(AW7-750000),IF(AW7>500000,12500+(AW7-500000)10%,IF(AW7>250000,(AW7-250000)5%,0)))))))
Cell “AW” refers to taxable income cell.