I know that there are a couple of modules to import taxonomy from CSV but my taxonomy has many term references inside it.
Attached is a screenshot of my taxonomy, how can I import the excel sheet into it? Please help
Programmatically speaking, for term references you need to use the Term ID rather than the actual term name.
Luckily, the D7 Feeds module comes with a feature where it fetches the Term ID automatically for you based on the Term Name.
Here is an example of one of my mappings: