Tax Liability definition

Tax Liability means the total taxes due to a municipal corporation for the taxable year, after allowing any credit to which the taxpayer is entitled, and after applying any estimated tax payment, withholding payment, or credit from another taxable year.
Tax Liability means any amount of tax or social security contributions for which a Participant would or may be liable and for which any Group Member or former Group Member would or may be obliged to (or would or may suffer a disadvantage if it were not to) account to any relevant authority;
Tax Liability means any liability (whether known or unknown, whether absolute or contingent, whether liquidated or unliquidated, and whether due or to become due) with respect to Taxes.

Examples of Tax Liability in a sentence

  • The Contractor warrants to pay the Employer (within fourteen (14) days of demand by the Employer), an amount equal to the loss, liability or cost which the Employer determines has been (directly or indirectly) suffered by the Employer for or on account of the Contractor’s Tax liability arising from the Contract.

  • The bidder will have to bear all Income Tax liability both corporate and personal tax.

  • Income Tax liability for Assessment year 2006-07 & 2011-12 is Rs.5,95,782/- and Rs.12,82,942/- respectively (Previous Year Rs.5,95,782/- for assessment year 2006-07, Rs. 49,68,594/- for assessment year 2008-09 & Rs 10,24,631/- for assessment year 2011-12).

More Definitions of Tax Liability

Tax Liability the total of (a) any income tax and primary class 1 (employee) national insurance contributions that any employer (or former employer) of the Participant is liable to account for (or reasonably believes it is liable to account for) as a result of any Taxable Event; and (b) any Employer NICs that any employer (or former employer) of the Participant is liable to pay (or reasonably believes it is liable to pay) as a result of any Taxable Event and that can be recovered lawfully from the Participant.
Tax Liability means any liability or obligation for Taxes.
Tax Liability means any Liabilities related to Taxes.
Tax Liability means, in respect of any person:
Tax Liability has the meaning set out in paragraph (e) of Clause 17.3 (Tax Indemnity).
Tax Liability means an Actual Tax Liability or a Deemed Tax Liability;
Tax Liability means the net amount of Taxes due and paid or payable for any taxable period, determined after applying all tax credits and all applicable carrybacks or carryovers for net operating losses, net capital losses, unused general business tax credits, or any other Tax items arising from a prior or subsequent taxable period, and all other relevant adjustments.