Yes, there are limits, but it depends which version of Excel you have. There
are two limits that you'd need to be concerned with:
Length of formula. In Excel 2003 and earlier, a formula can only contain
1024 characters. In Excel 2007, the limit is increased to 8192 characters.
Levels of Nesting. In Excel 2003 and earlier, you may only nest (placing a
function inside of another function) up to 7 levels deep. In Excel 2007, the
limit is increased to 64 levels.
So, in answer to your question, there is no limit (other than total
characters) to how many IF(AND functions you can use. However, there is a
limit on how deep you can nest them inside of one another.
HTH,
Elkar