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Tax Liability

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(Querist)
05 February 2009 What is tax liability?
How it is known?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
05 February 2009 1) For VAT, check monthly and annual return and make sure that the tax payable is correct or not.
2)For Income tax check the computation statement, check the advance tax payment challans, TDS certificates received and ascertain the genuiness of tax liability.
3)For service tax check ST-3 returns,GAR-7 challans,input tax credit availed if any and arrive the liability if any.
4) For FBT ascertain the expenses which is taxable, obtain the computation statement, advance tax payment challans and see the liability.
5) These are only few examples among others.
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