Liability to Tax

Tax Glossary Definition

Liability to Tax

Liability to tax refers to the legal obligation of an individual or entity to pay tax on income earned, profits, or gains under the provisions of the Income Tax Act. It arises when a taxpayer’s total income exceeds the prescribed exemption limits. Example: Salary income or business profits are taxable according to applicable income tax slabs, creating a liability to tax for the taxpayer.

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