Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 14 December 2012
Taxable income is the income which is not exepmted and falls under the tax net. It is to be taxed after it exceeds the BEL as specified.
Income tax liabilty is the liabilty where the income is assessed after considering all taxing provisons. Assessment shallbe self assessment. If assessment is not self assessment then it becomes tax due (also akin to tax liability)
TDS when expanded comes to tax deducted at sources and dedcuted at the time of transcation itself. No actual liability is ascertained now.
Income Tax means the tax which is on income of an assessee as per IT act 1956 and this is calcutated after the income is recieved.
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
CAclubindia
