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The excel based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit and bank interest, house rent and capital gains(short and long term gains). This tool cannot be used for computing income tax from business or profession.
Excel Income Tax Formula for calculating income tax in a single excel cell
Ever felt the need to have one compact formula that can calculate income tax in one go? If yes, Microsoft Excel Sumproduct function can be used to calculate income tax for persons under different tax slabs. The description of the SUMPRODUCT function says that it Returns the sum of the products of corresponding ranges or arrays? However it can be used to calculate income tax based on different slabs by making alterations to its syntax. The function can be deployed for calculating income tax based on different slabs and marginal income tax rates.
Income Tax calculator for the FY 2017-18. Download, check out and use the simple Excel template which incorporates the changes proposed in the Union Budget 2017.
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