Income tax calculation

Rakib (Finance Professional) (30 Points)

18 August 2015  

I posted a problem and got a solution through email. But it doesn't work.

Problem was:

Please help me to calculate tax in excel First 250000 0% Next 400000 10% Next 500000 15% Next 600000 20% Next 3000000 25% 4750000 30% if total amount is above forty sevel lac fifty thousand then 30% tax on rest of the amount

and solution was:

excel-formula-for-calculating-slabs

 

Goto Developer -Visual basic- tools - references - tick visual basic for apllications [VBA] then

insert module.  

Paste following code in module

Function Tax2015(Inco)
    Select Case Inco
          Case Is < 250000
                Tax2015 = 0
           Case Is <= 500000
                  Tax2015 = (Inco - 250000) * 0.1
           Case Is <= 1000000
                   Tax2015 = 25000 + (Inco - 500000) * 0.2
           Case Is > 1000000
                    Tax2015 = 125000 + (Inco - 1000000) * 0.3
           Case Else
                 
     End Select
       
End Function

any where you can  type  =Tax2015 (A5)  a5 is cel where taxabale income is there

I hope this helpsl

I think there is some error in this formula. Would you please check it again

 

Please help me get out from this problme. I can't work with it

 

 

Regards

Rakib