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@25b3nk
Created September 3, 2021 10:35
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Google sheets' App script to calculate income tax according to Indian new tax regime
// Calculate Income tax based on new regime
function incomeAfterNewTaxDeductions(CTC) {
var initCostToCompany = CTC
var costToCompany = CTC
var totalTax = 0.0
var new_tax_regime = {
1500000: 0.30,
1250000: 0.25,
1000000: 0.20,
750000: 0.15,
500000: 0.10,
250000: 0.05
}
// Get the keys; Note that the keys are in string format
var slabs = Object.keys(new_tax_regime)
// Sort the keys
slabs.sort(sortDescendingOrder)
for (var i = 0; i < slabs.length; i++) {
var upperTaxSlab = parseFloat(slabs[i])
if (costToCompany > upperTaxSlab) {
var currTax = parseFloat(new_tax_regime[upperTaxSlab]) * (costToCompany - upperTaxSlab)
totalTax = totalTax + currTax
costToCompany = upperTaxSlab
}
}
var healthEducationCess = 0.04 * totalTax
totalTax = totalTax + healthEducationCess
var incomeAfterTax = initCostToCompany - totalTax
// Logger.log("CTC: " + initCostToCompany + " Tax deducted income: " + incomeAfterTax)
return incomeAfterTax
}
function sortDescendingOrder(val1, val2) {
// Converting string to int
ele1 = parseInt(val1)
ele2 = parseInt(val2)
if (ele1 > ele2) {
return -1
}
if (ele1 < ele2) {
return 1
}
return 0
}
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25b3nk commented Sep 3, 2021

How to write custom functions and use them in google sheets: link

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