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Excel Income Tax Formula for calculating income tax

Posted on April 29, 2020October 21, 2020

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 SlabTax Rate
Up to Rs 2.5 lakhNIL
Rs 2.5 lakh to Rs 5 lakh5% (Tax rebate of Rs 12,500 available under section 87A)
Rs 5 lakh to Rs 7.5 lakh10%
Rs 7.5 lakh to Rs 10 lakh15%
Rs 10 lakh to Rs 12.5 lakh20%
Rs 12.5 lakh to Rs 15 lakh25%
Rs 15 lakh and above30%

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.    

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