Internal rate of return calculation by excel

How do we calculate IRR for a project and would excel help me to find it for a project.

I want answer in two parts i.e. what is IRR and how to apply in excel for calculation;

Discounted cash flow means;
"present value of an investment is the maximum amount a firm could pay for the opportunity of making the investment without being financially worse off."

IRR method is popularly known as time adjusted rate of return method / discounted rate of return method. 

The internal rate of return is defined as the interest rate that equate the present value of expected future receipts to the cost of the investment outlay. This internal rate of return is found by trial and error.

How to apply in excel for calculation;
In the build in financial functions IRR is used to calculate the value in the project planning

Refer the below project cash flow statement as a example:

In the five year project the IRR calculated from the total cash flow for the project with the function IRR

The syntax is IRR(Year0:Year5) of the total cash flow values.  Excel will calculate and gives the value 16.24%.

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Upfront Investment -13,40,22,148           Cash flow from operations   2,71,51,433 4,27,40,707 4,01,61,229 3,74,01,189 3,44,47,945 Less Investment in fixed assets 0 0 0 0 0 0 Release of working capital           1,80,00,000 Scrap value of the project           1,75,56,000 Total cash flows for the project -13,40,22,148 2,71,51,433 4,27,40,707 4,01,61,229 3,74,01,189 7,00,03,945 IRR for the project 16.24%