Need help with if and formula in excel

Hello everyone. I am trying to calculate income tax in excel. Based on input regarding rebate, income tax is calculated. The rebate is 25%. Tax slabs are as under.

• For amount less than 600K, tax is zero.
• For amount between 600K and 1200K, tax is 5% of the amount exceeding 600k.
• For amount between 1200K and 2200K, tax is 30000 plus 15% of the amount exceeding 1200K.
• For amount between 2200K and 3200K, tax is 180,000 plus 25% of the amount exceeding 2200K.

I am writing the formula for tax in cell B8, but it results in #VALUE! error. Can somebody please help me in figuring out the mistake. Please see attached image.error.png

Please see attached file. Expected answer is 285,570.25 in case of no and 214,177.69 in case of yes. Please see attached file.tax.xlsx

Thanks for your response. Rebate means that if a person is availing rebate, he will have that percentage of waiver/exemption on his taxable amount. For example, if taxable amount is 100,000, he will have to pay 75,000. Hope this helps.

That is why you will see a factor of 0.75 in case of yes in formula.

Extremely grateful to you for your help. Can it be done using the if and method, I was trying to do?