nestedif or only if condition

PKBrahma

New Member
Joined
Nov 26, 2017
Messages
28
Sir,
I am getting 12 lakh rupees annual salary. While paying tax, for 1st 2.5 lakh tax is nil. For next 2.5 lakhs 5% tax i.e. 12,500. For next 5 lakh, 20% tax i.e. one lakh. Above 10 lakhs, 30% tax i.e. 60,000. So, I pay 0 + 12500 + 1 lakh + 60000 = 1,72,500. How can I compute through a formula if I put the salary in A1 cell and show the tax in A2 cell?
Thanks.
 

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http://www.mcgimpsey.com/excel/variablerate.html
 
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Hi,

You can hard code the tax rates in the formula or create a Table for the formula to refer to which makes it easier to maintain incase the Tax rate and/or Table changes, below is a solution using a Table, you may need to make adjustments if I misunderstood:


Book1
ABCDEFGH
1Annual Salary-LakhsAnnual Salary-RupeesTax PayableTax TableRupeesTax Rate
212120000017250002500000
32500015000005%
4500001100000020%
5100000130%
Sheet22
Cell Formulas
RangeFormula
B2=A2*100000
D2=SUM(MEDIAN(G2,B2,0)*H2,MEDIAN(B2-G2,G3-G2,0)*H3,MEDIAN(B2-G3,G4-G3,0)*H4,MAX(B2-G4,0)*H5)
 
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