Liability

Tax Glossary Definition

Liability

Liability refers to a legal or financial obligation that a person or entity is required to fulfill, such as paying taxes, debts, or other dues. In accounting and taxation, liabilities represent amounts owed to others that must be settled in the future. Example: An employer’s TDS liability arises when tax is deducted from employee salaries, and the employer is responsible for remitting it to the government within the prescribed timeline.

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