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You can easily compute his tax liabilities for salaried individuals with the help of Income Tax Calculation Formula With IF Statement in MS Excel with the help of Nested IF Function. “IF” and “Nested IF” functions are very popular functions in “Logical functions” category in MS Excel. Nested IF function is used when another IF function is assigned inward the first IF function in order to check extra situations.
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For example, IF you want to calculate income tax, education cess and secondary higher education-cess as per slab for income tax of AY 2013-14, the slab rate of income tax is given below: Individual resident whose age is lower than sixty years (That means whose date of birth is on or after the 1st Apr. , 1953) or any Non Resident Indian / Hindu UN-Divided Family / Association of Person / Body of Individuals / Artificial Judicial Person Income-tax: Calculate Liability for Tax for AY 2013-14
Additional Tax : “No Surcharge”Education Cess: 2% of the Income Tax Amount.Secondary Higher Education Cess: 1% of the Income Tax Amount.
Must Read: What-If Analysis and Excel’s Two Input Data Table
To calculate income tax as per given table you have to take following steps in excel sheet:
S. No. | Income Slabs | Income Tax Rate |
1. | Where the total earning is not greater than equal to Rs. 200000/-. | – |
2. | Where the total earning is greater than Rs. 2,00,000/- but less than Rs. (500000) five lakhs. | 10% of the sum of earning which greater than Rs. 2,00,000/- |
3. | Where the total earning is greater than Rs. (5,00,000) lakhs but less than Rs. (1000000) lakhs. | Rs. (30,000) Thirty Thousand + 20% of the whole amount which is the whole earning larger than Rs. (500000) five lakhs/-. |
4. | Where the total income greater than Rs. (1000000) Ten Lakhs. | Rs. (130,000) One Lakh and Thirty Thousand + 30% of the whole amount which is the whole earning larger than Rs. (1000000) Ten Lakhs. |
Income Tax Calculation Formula With IF Statement in Excel
Step 1: To calculate the income tax with the help of IF function you have to prepare following sheet in excel.
Step 2: To calculate income tax amount you have to type following given formula in cell C13 =IF(B13<$B$2,”Nil”,IF(B13<=$B$3,(B13-200000)*$C$3,IF(B13<=$B$4,(B13-500000)*$C$4+30000,(B13-1000000)*$C$5+130000))).
Step 3: After calculate income tax amount you have to calculate education cess @ 2% on income tax in cell D13: =IF(C13=”Nil”,0,C13*2%).
You have to calculate Secondary Higher Education Cess @ 1% on income tax amount as per the given formula in cell E13 : =IF(C13=”Nil”,0,C13*1%).
Now calculate total of tax amount in cell F13: =SUM(C13:E13).
Copy formula of income tax, edu. cess and secondary higher education cess by drag and drop method in given range C14:F18.
I hope you like this Income Tax Calculation Formula With IF Statement guide. This post is useful to calculate income tax every year, but you have to change income tax slab as per given income tax department. Give your important suggestion regarding this post in comment box.and also share this article with your friends to show your knowledge in excel. Thanks.
If you have large workbooks with a lot of formulas on the worksheets, recalculating the workbooks can take a long time. By default, Excel automatically recalculates all open workbooks as you change values in the worksheets. However, you can choose to recalculate only the current worksheet manually.
Notice I said worksheet, not workbook. There is no direct way in Excel to manually recalculate only the current workbook, but you can manually recalculate the current worksheet within a workbook.
To begin, click the “File” tab.
On the backstage screen, click “Options” in the list of items on the left.
The Excel Options dialog box displays. Click “Formulas” in the list of items on the left.
In the Calculation options section, click the “Manual” radio button to turn on the ability to manually calculate each worksheet. When you select “Manual”, the “Recalculate workbook before saving” check box is automatically checked. If you save your worksheet often and would rather not wait for it to recalculate every time you do, select the “Recalculate workbook before saving” check box so there is NO check mark in the box to disable the option.
You’ll also notice the “Automatic except for data tables” option. Data tables are defined by Microsoft as:
“. . . a range of cells that shows how changing one or two variables in your formulas will affect the results of those formulas. Data tables provide a shortcut for calculating multiple results in one operation and a way to view and compare the results of all the different variations together on your worksheet.”
Data tables are recalculated every time a worksheet is recalculated, even if they have not changed. If you’re using a lot of data tables, and you still want to automatically recalculate your workbooks, you can select the “Automatic except for data tables” option, and everything except for your data tables will be recalculated, saving you some time during recalculation.
If you don’t mind the “Recalculate workbook before saving” option being enabled when you turn on Manual calculation, there is a quicker way of choosing to manually recalculate your worksheets. First, click the “Formulas” tab.
Then, in the Calculation section of the Formulas tab, click the “Calculation Options” button and select “Manual” from the drop-down menu.
Once you’ve turned on manual calculation, you can click “Calculate Sheet” in the Calculation section of the Formulas tab, or press Shift+F9, to manually recalculate the active worksheet. If you want to recalculate everything on all worksheets in all open workbooks that has changed since the last calculation, press F9 (only if you have turned off Automatic calculation). To recalculate all formulas in all open workbooks, regardless of whether they have changed since the last recalculation, press Ctrl+Alt+F9. To check formulas that depend on other cells first and then recalculate all formulas in all open workbooks, regardless of whether they have changed since the last recalculation, press Ctrl+Shift+Alt+F9.
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