Need Help Building an Income Tax Calculator in Excel for Bangladesh: Any Tips?

Income Tax Calculator in MS Excel

Please help me build an Income Tax Calculator in MS Excel format. Details of the calculator should be as follows:

Data to Input Manually

(a) Total Salary (in a year) = [input manually]
(b) Taxable Salary per Month = [input manually]
(c) Add: Bonus/Incentives = [input manually]
(d) = (a) + (c) = Total Taxable Income

Output Result

(a) Total Income Tax for the year
(b) Income Tax per month

Tax Slab

Male

On first Tk. 3,00,000 = NIL
On next Tk. 1,00,000 = 5%
On next Tk. 3,00,000 = 10%
On next Tk. 4,00,000 = 15%
On next Tk. 5,00,000 = 20%
On the balance of total income = 25%

Female & Senior Citizen

On first Tk. 3,50,000 = NIL
On next Tk. 1,00,000 = 5%
On next Tk. 3,00,000 = 10%
On next Tk. 4,00,000 = 15%
On next Tk. 5,00,000 = 20%
On the balance of total income = 25%

To create an Income Tax Calculator in MS Excel for Bangladesh, follow these steps:

1. Input Section:
- Create columns for Total Salary, Taxable Salary per Month, and Bonus/Incentives.
- Manually input the values for Total Salary, Taxable Salary per Month, and Bonus/Incentives.
- Calculate Total Taxable Income by adding Total Salary and Bonus/Incentives.

2. Tax Calculation:
- Implement the tax slabs for males, females, and senior citizens as provided.
- Use IF statements or VLOOKUP functions to calculate the tax based on the respective slabs.
- Apply the tax rates accordingly for each slab.

3. Output Section:
- Calculate the Total Income Tax for the year by summing up the monthly tax amounts.
- Determine the Income Tax per month by dividing the Total Income Tax by 12.

4. Validation:
- Test the calculator with different salary scenarios to ensure accurate calculations.
- Verify that the tax amounts align with the specified tax slabs for males, females, and senior citizens.

By following these steps, you can create a functional Income Tax Calculator in MS Excel tailored for Bangladesh's tax regulations.