An indexable cutting insert for a milling tool, the cutting insert comprising: - an upper side defining an upper extension plane (P U) and forming a rake surface; - a lower side defining a lower extension plane (P L) parallel to the upper extension plane (P U), wherein a centre axis extends perpendicularly through the upper extension plane (P U) and the lower extension plane (P L); - a side surface connecting the upper side and the lower side, the side surface comprising a plurality of clearance surfaces (214-218, 222, 224); - at least two identical and alternately usable upper cutting edges extending in a transition between the side surface and the upper side, wherein each upper cutting edge comprises a chip removing major cutting edge and a minor cutting edge extending on opposite sides of a corner edge, a major wiper edge extending between the corner edge and the major cutting edge, and a minor wiper edge extending between the corner edge and the minor cutting edge, wherein, as seen in a top view, the major cutting edge and the major wiper edge form an obtuse inner angle (λ) of less than 180°, wherein, as seen in a side view, - the major wiper edge slopes downward from the corner edge toward the major cutting edge; and - the major cutting edge has a first portion sloping downward from the major wiper edge and a second portion which extends in parallel or essentially in parallel with the upper extension plane (P U), characterised in that the upper side comprises a chip formation surface extending inside of and sloping downward from the cutting edges toward a lowest level of the chip formation surface, wherein a width of the chip formation surface is larger inside of the corner edges than inside of the major cutting edges. - an upper side defining an upper extension plane (P U) and forming a rake surface; - a lower side defining a lower extension plane (P L) parallel to the upper extension plane (P U), wherein a centre axis extends perpendicularly through the upper extension plane (P U) and the lower extension plane (P L); - a side surface connecting the upper side and the lower side, the side surface comprising a plurality of clearance surfaces (214-218, 222, 224); - at least two identical and alternately usable upper cutting edges extending in a transition between the side surface and the upper side, wherein each upper cutting edge comprises a chip removing major cutting edge and a minor cutting edge extending on opposite sides of a corner edge, a major wiper edge extending between the corner edge and the major cutting edge, and a minor wiper edge extending between the corner edge and the minor cutting edge, wherein, as seen in a top view, the major cutting edge and the major wiper edge form an obtuse inner angle (λ) of less than 180°, wherein, as seen in a side view, wherein, as seen in a top view, the major cutting edge and the major wiper edge form an obtuse inner angle (λ) of less than 180°, wherein, as seen in a side view, - the major wiper edge slopes downward from the corner edge toward the major cutting edge; and - the major cutting edge has a first portion sloping downward from the major wiper edge and a second portion which extends in parallel or essentially in parallel with the upper extension plane (P U),