I am very new in this forum and i believe i can get solution to Nigeria tax computaion in excel spread sheet here. I want a fomular that will return the payable tax value in a cell once the taxable income is inserted without having to create many colums,
The tax computaion is such that the payable Tax (PT) is is charged at different rate for a particular Taxable Income (TI) e.g
Assuming Mr, A Taxable Income (TI) is 700K
1st 300,000 at 7%
Next 300,000 at 11%
Next 500,000 at 15%
Next 500,000 at 19%
Next 1,600,000 at 21%
Over 3,200,000 at 24%
Please assist urgently.