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Excel CashBooks and Other Worksheets: Click on the titles below to download suggested templates: Cash Receipts Book (business income spreadsheet for a contractor) Cash Payments Book (business expenses spreadsheet) Business Not Registered for GST; Business Registered for GST; Artists with Agents Income Worksheet; Work Expenses Worksheet To automatically calculate the tax on an income, execute the following steps. 1. On the second sheet, create the following range and name it Rates.. 2. When you set the fourth argument of the VLOOKUP function to TRUE, the VLOOKUP function returns an exact match or if not found, it returns the largest value smaller than lookup_value (A2). Dec 04, 2019 · Budget 2019 has made some changes to Income tax for individual – the highlight being full tax rebate for individuals earning below Rs 5 Lakhs. There has been no changes in the income tax slab. We highlight the changes and give you the new tax calculator for FY 2019-20 [AY 2020-21]. Version 1.07, 12/27/2001, Ohio spreadsheet personal exemption amount updated. Version 1.06, 12/25/2001, low income capital gains 60 month tax rate changed from 10% to 8% in all spreadsheets. Version 1.05, 12/22/2001, final California tax rates installed, child tax credit amounted updated in all spreadsheets The annual income tax payable is then automatically calculated in columns D & E based on the specified user input values and the default tax calculation variable amounts which are included on the Values sheet (including the tax brackets at the top of the sheet).