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    Tax Calculation

    Uploaded by

    Shaun Pollock
    This document summarizes the income tax calculations for four individuals - Bharti, Rajesh, Pranav, and Dheer. It lists their gross salary, deductions under various sections, net taxable income, and calculated tax. The tax is calculated based on slabs of net taxable income with different percentage rates applied to portions within each slab.

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    © All Rights Reserved
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    Tax Calculation

    Uploaded by

    Shaun Pollock
    18 views2 pages
    This document summarizes the income tax calculations for four individuals - Bharti, Rajesh, Pranav, and Dheer. It lists their gross salary, deductions under various sections, net taxable income, and calculated tax. The tax is calculated based on slabs of net taxable income with different percentage rates applied to portions within each slab.

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    Tax Calculation

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    This document summarizes the income tax calculations for four individuals - Bharti, Rajesh, Pranav, and Dheer. It lists their gross salary, deductions under various sections, net taxable income, and calculated tax. The tax is calculated based on slabs of net taxable income with different percentage rates applied to portions within each slab.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    18 views2 pages

    Tax Calculation

    Uploaded by

    Shaun Pollock
    This document summarizes the income tax calculations for four individuals - Bharti, Rajesh, Pranav, and Dheer. It lists their gross salary, deductions under various sections, net taxable income, and calculated tax. The tax is calculated based on slabs of net taxable income with different percentage rates applied to portions within each slab.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    Income Tax Calculation

    BHARATI RAJESH PRANAV DHEER


    Gross Salary 1200000 1000000 100000 400000
    Deduction u/s 10 NET TAXABLE INCOME
    Conveyance Allowance 9600 9600 9600 9600
    Deduction u/s 16 EPF+LIC+CHILD TUT FEE>15000 150000
    Professional Tax 30000 30000 30000 30000 EPF+LIC+CHILD TUT FEE<15000 ACTUAL FIGURES
    Deducation u/s 80
    EPF 70000 7000 0 0 IF(B9+B10+B11>150000,B3-B5-B7-150000,
    LIC 25000 25000 0 0 B3-B5-B7-(B9+B10+B11))
    Children's Tuition fees 30000 0 0 0
    net taxable income 1035400 928400 60400 360400
    TAX 135620 110680 0 11040 F =IF(B9+B10+B11>150000,B3-B5-B7-150000,B3-B5-B7-(B9+B10+B1

    TAX

    1 F =IF(B12<=250000,0,
    10620
    125000 2 IF(B12<=500000,(B12-250000)*10%,
    135620
    3 IF(B12<=1000000,(B12-500000)*20%+25000,

    4 (B12-1000000)*30%+125000)))

    F =IF(B12<=250000,0,IF(B12<=500000,(B12-250000)*10%,IF(B12<=1
    ACTUAL FIGURES

    70000 20000
    120000
    200000 390000 20000

    7-150000,B3-B5-B7-(B9+B10+B11))

    <250000 0 0
    25-500,00 10% 25000
    500000-10 20% 100000
    >10 30% ?

    00,(B12-250000)*10%,IF(B12<=1000000,(B12-500000)*20%+25000,(B12-1000000)*30%+125000)))

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