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How To Compute The Total Tax Liability? |
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Answer» After ascertaining the TOTAL INCOME, i.e., income liable to tax, the next step is to compute the tax liability for the year. Tax liability is to be computed by applying the RATES prescribed in this regard. For rates of tax, refer "Tax Rate" SECTION. Following table will help in understanding the manner of COMPUTATION of the total tax liability of the taxpayer. Computation of total income and tax liability for the year:- Particulars Amount Income from salary XXXXX After ascertaining the total income, i.e., income liable to tax, the next step is to compute the tax liability for the year. Tax liability is to be computed by applying the rates prescribed in this regard. For rates of tax, refer "Tax Rate" section. Following table will help in understanding the manner of computation of the total tax liability of the taxpayer. Computation of total income and tax liability for the year:- Particulars Amount Income from salary XXXXX |
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