This guide is useful for all those person who want to know the process of income tax calculation for senior citizen with IF statement in MS Excel. With the help of this guide you will be able to easily calculate the tax amount for the FY 2015-16 and AY 2016-17.
As per the income tax slab senior citizens are those persons who’s age is greater than 60 years but less than 80 years. With the help of this guide you will be able to easily compute income tax for senior citizen using IF function in MS Excel. Income tax is a direct tax which is levied by the Government. Direct tax are levied on the different source of incomes for senior citizens. With the help of Nested IF function you will be able to check more than one extra situations in Microsoft Excel. You will be able to easily compute tax liability for senior citizen for individual resident.
Must Read: Quick Excel Income tax Calculator for FY 2015-16 AY 2016-17
Income tax calculation for Senior citizen with IF Statement FY 2015-16 AY 2016-17:
If you have any difficulty to compute the tax liability for senior citizen. This guide helps for income tax calculation for sr citizen with if statement. The slab detail for senior citizen is given below:
Steps for Income tax calculation for Senior citizen with IF Statement FY 2015-16 AY 2016-17:
Step 1: Create the following table in any active worksheet for income tax calculation for senior citizens with IF statement for FY 2015 and AY 2016-17.
Step 2: To calculate the income tax type the following given formula in cell C14 and press enter to get the result:
=IF(B14<=300000,0,IF(B14<=500000,(B14-300000)*10%-MIN((B14-300000)*10%,2000),IF(B14<=1000000,20000+(B14-500000)*20%,120000+(B14-1000000)*30%)))
Step 3: To compute the surchage on income tax type the following given formula in cell D14 and press enter to get the surcharge amount: =IF(B14>=10000000,B14*12%,0).
Step 4: To compute the education cess type the following formula in cell E14: =IF((C14+D14)<=0,0,(C14+D14)*2%).
Step 5: To compute the secondary higher education cess type the following formula in cell F14: =IF((C14+D14)<=0,0,(C14+D14)*1%).
Step 6: To compute the total tax amount for any senior citizen type the following formula in cell G14: =SUM(C14:F14).
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After reading this article you can easily compute income tax calculation for Sr citizen with IF Statement in MS Excel. There is no need to take help of any professional persons or online calculator for compute tax liability for FY 2015-16 AY 2016-17. If you have any suggestion regarding this article then write us in the comment box. Thanks to all.