Income Tax Calculator Ay 2023-24 Excel Free Download

How do you calculate income tax in Excel?

How do I calculate tax on an Excel spreadsheet? – There are many online tax calculators present on the Internet. You can use any of them for easy computation of your tax. You can also use the Income Tax calculator available on the e-filing portal of the Income Tax Department. Let us see how you can use income tax calculator excel Income tax excel template Step 1: Open MS Excel; and fill in your income details. Add your gross income, your total exemptions, and deductions. Step 2 : Create two rows to calculate your taxable income and tax. Step 3 : First, you need to calculate the taxable income.

  • Subtract the exemptions and deductions from your gross income.
  • It gives your taxable income.
  • Step 4 : Now calculate the tax for your taxable income.
  • If your taxable income is below 2.5 lakhs, your tax is 5% of your income.
  • Now you can calculate 5% of the taxable income.
  • Income tax excel template Step 5 : Taxable income *5/100.

It gives the amount of tax you should pay. Thus you can calculate your tax through an excel sheet. Click Here to download the excel template.

How to use if in Excel?

Use the IF function, one of the logical functions, to return one value if a condition is true and another value if it’s false. For example: =IF(A2>B2,’Over Budget’,’OK’) =IF(A2=B2,B4-A4,”)

How much tax will I pay if my salary is 100000 in India?

Salary rate Annual Month Semimonthly Weekly Day Hour Summary If you make ₹ 100,000 a year living in India, you will be taxed ₹ 12,000, That means that your net pay will be ₹ 88,000 per year, or ₹ 7,333 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%, This marginal tax rate means that your immediate additional income will be taxed at this rate.

  1. For instance, an increase of ₹ 100 in your salary will be taxed ₹ 12, hence, your net pay will only increase by ₹ 88,
  2. Bonus Example A ₹ 1,000 bonus will generate an extra ₹ 880 of net incomes.
  3. A ₹ 5,000 bonus will generate an extra ₹ 4,400 of net incomes.
  4. ₹ 105,000 ₹ 110,000 ₹ 115,000 ₹ 120,000 ₹ 125,000 ₹ 130,000 ₹ 135,000 ₹ 140,000 ₹ 145,000 ₹ 150,000 ₹ 155,000 ₹ 160,000 ₹ 165,000 ₹ 170,000 ₹ 175,000 ₹ 180,000 ₹ 185,000 ₹ 190,000 ₹ 195,000 ₹ 200,000 NOTE* Withholding is calculated based on the tables of India, income tax.
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For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.

How much tax is deducted from salary in India 2023?

Income Tax Calculator 2023: Income Tax slabs for FY 2023-24 in India

Income tax slabs (In Rs) Income tax rate (%)
From 5,00,001 to 7,50,000 10%
From 7,50,001 to 10,00,000 15%
From 10,00,001 to 12,50,000 20%
From 12,50,001 to 15,00,000 25%

What is the gross total income in income tax?

What Is The Difference Between Gross Income & Total Income? Taxation calculation and investment in is one of the important annual exercises if you are earning money. In this country, you may at times feel overwhelmed with the many tax jargons and numerous deductions. For example, the gross total income (or gross income) and total income, which literally means the same thing.

Includes income received or receivable by you in the previous year adjusted for clubbing and carry-forward amounts from previous years Deduct the non-taxable parts of your income from this amount to estimate ‘Gross Total Income’

Note: Investments and expenses under section 80C to 80U are deducted from this amount. In simple terms, Gross Total Income is the aggregate of all your taxable receipts in the previous year. It will also include profit or loss carried forward from past years and any income after clubbing provisions.

If you are an Indian resident in the previous year, any income received, accrued or deemed to be received by you will be accounted for If you are not ordinarily resident in the previous year, incomes arising out of India will be included only if they are from a business controlled or performed from India In the case of non-residents (NRI), only incomes arising or accruing in India will be counted Total Income is arrived by deducting all eligible deductions from “Gross Total Income”

Your tax liability will be estimated on the Total Income. In simple terms, you pay tax on your Total Income. See the example below to understand how and where Gross Total Income and Total Income will reflect on your ITR:

Sources of Income Income (Rs) Exempt (Rs) Cause of Exemption Taxable (Rs)
Salary / Pension Income 10,00,000 65,000 Allowances & Perquisites 9,35,000
House Property Income $ 4,00,000 3,21,600 Home Loan Interest, property tax, and standard deduction 78,880
Business & Profession 3,50,000 3,50,000
Capital Gains 1,00,000 1,00,000
Other Sources (interest, lottery, Dividend) 30,000 30,000
Agricultural Income 50,000 50,000 Fully Exempt*
Gifts Received
from Direct Blood Relations 1,00,000 1,00,000 Fully Exempt
from Others (friends & colleagues) 60,000 50,000 Exempt up to 50,000 in a financial year! 10,000
Income Share from Partnership Firm 1,50,000 1,50,000 Not taxable (Tax already paid by the firm)
Income Share from HUF 80,000 80,000 Not taxable (Tax already paid by the HUF)
Royalty Income on Patents / Published work 5,00,000 U/s 80QQB 5,00,000
The income of the Previous Year 28,20,000


Gross Total Income Exempt (Rs) Sum of Taxable Incomes Total Income Income (Rs) Gross Total Income (minus deductions) 20,03,880 15,18,880 Deductions under Chapter VI-A Add: Agricultural Income 15,68,880 Under Section 80C 1,50,000 Life Insurance premium & home loan repayment Tax on Aggregate Income* 50,000 2,08,164 Under Section 80D 25,000 The health insurance premium paid Deduct Tax on Agricultural Income (2,500) Under Section 80QQB 3,00,000 Deduction from royalty income Net tax liability 2,05,664 Under other parts of Sec.80 10,000 Donations & charitable contributions Health and Education Cess 8,226 Tax Payable 4% 2,13,890

Disclaimer: Table only provides an example of Gross Total Income and Total Income computation. You should refer to the rules for actual exemptions and deductions from various incomes.

What is the formula for net salary in Excel?

Calculate Net Salary – The easiest way to calculate net salary is to break it into smaller formulas rather than one long and complicated formula. In this tutorial, we entered the information in the table from above and entered some payroll data in Row 2. Use the following formulas to calculate your net salary and other financial metrics:

  • Net Salary : Hours worked x Hourly Rate + Positive Adjustments – (Negative Adjustments, Pre-tax Adjustments, and Pre-tax Retirement Contributions) – All taxes (Local, State, Federal, and Medicare) – Post-tax deductions.
  • Gross Salary : Hours worked x Hourly Rate + Positive Adjustments.
  • Pre-Tax Salary : Hours worked x Hourly Rate + Positive Adjustments – Negative Adjustments, Pre-tax Adjustments, and Pre-tax Retirement Contributions.
  1. This example uses data from the above chart and enters payroll information into Row 2,
  2. Below Row 2, ( Cell B4 in this example) enter Gross Salary and press Enter,
  3. In Cell C4, enter =B2*C2+D2 and press Enter,
  4. In Cell B5, enter Pre-Tax Salary and press Enter,
  5. In Cell C5, enter =B2*C2+D2-(E2+F2+L2) and press Enter,
  6. In Cell B6, enter State Income Taxes and press Enter,
  7. In Cell C6, enter =C5*H2 and press Enter,
  8. In Cell B7, enter Local Income Taxes and press Enter,
  9. In Cell C7, enter =C5*I2 and press Enter,
  10. In Cell B8, enter Federal Income Taxes and press Enter,
  11. In Cell C8, enter =C5*J2 and press Enter,
  12. In Cell B9, enter Medicare\SS Taxes and press Enter,
  13. In Cell C9, enter =C5*K2 and press Enter,
  14. In Cell B10, enter Net Salary and press Enter,
  15. In Cell C10, enter =C5-C6-C7-C8-C9-G2-M2 and press Enter,

By breaking the formula into smaller steps, you can easily see how your taxes and deductions are compiled to generate your net salary. Then referencing each result in the final formula (in cell C10 ), you can quickly compute the final results. You might want to format the cells in the currency format and round to two decimals for easier reading.

What function do you use in Excel to calculate rate?

RATE Function – Financial Edge The RATE function is a financial function in Excel that calculates the interest rate per period of an annuity. The function is used to calculate the periodic interest rate, which can then be multiplied as required to calculate the annual interest rate.

The RATE function is a financial function in Excel used for calculating the interest rate of a loan or an investment for a given period. The function can be applied to loans to calculate the percentage of interest charged or to investments to calculate the percentage of return offered While interest rate can also be calculated without the RATE function, it makes the calculation more efficient The RATE function gives its output through trial and error. If the results do not converge within 20 iterations, it presents a #NUM! error in Excel The function returns a #Value! error if any of the supplied arguments are non-numeric

What is deduction formula in Excel?

Subtract two or more numbers in a cell –

  1. Click any blank cell, and then type an equal sign ( = ) to start a formula.
  2. After the equal sign, type a few numbers that are separated by a minus sign (-). For example, 50-10-5-3,
  3. Press RETURN, If you use the example numbers, the result is 32.

What is VLOOKUP in Excel?

What is VLOOKUP in Excel? – VLOOKUP stands for Vertical Lookup. As the name specifies, VLOOKUP is a built-in Excel function that helps you look for a specified value by searching for it vertically across the sheet. VLOOKUP in Excel may sound complicated, but you will find out that it is a very easy and useful tool once you try it. In the next section, you will understand how to use the VLOOKUP function.

What is the IF formula in Excel with text?

7. If cell contains several of many text strings, then return a value – This formula should be used if you’re looking to identify cells that contain several of the many words you’re searching for. For example, if you’re searching for two terms, the cell needs to contain both of them in order to be validated.

  • Select the output cell, and use the following formula: =IF(AND(ISNUMBER(SEARCH(“string1”,cell)), ISNUMBER(SEARCH(“string2″,cell))), value_to_return,””),
  • For our example, the cell we want to check is A2, We’re looking for ” hoodie ” and ” black “, and the return value will be Valid, In this scenario, you’d change the formula to =IF(AND(ISNUMBER(SEARCH(“hoodie”,A2)),ISNUMBER(SEARCH(“black”,A2))),”Valid “,””),
  • Because the A2 cell does contain both of the text values we searched for, the formula will return ” Valid ” to the output cell.

How do I combine if and or in Excel?

– Use the IF function along with AND, OR and NOT to perform multiple evaluations if conditions are True or False. Syntax

IF(AND()) – IF(AND(logical1,,,), value_if_true, )) IF(OR()) – IF(OR(logical1,,,), value_if_true, )) IF(NOT()) – IF(NOT(logical1), value_if_true, ))

Argument name Description
logical_test (required) The condition you want to test.
value_if_true (required) The value that you want returned if the result of logical_test is TRUE.
value_if_false (optional) The value that you want returned if the result of logical_test is FALSE.

Here are overviews of how to structure AND, OR and NOT functions individually. When you combine each one of them with an IF statement, they read like this:

AND – =IF(AND(Something is True, Something else is True), Value if True, Value if False) OR – =IF(OR(Something is True, Something else is True), Value if True, Value if False) NOT – =IF(NOT(Something is True), Value if True, Value if False)

Arjun Patel