The deferred tax liability a 44 million decrease in the deferred tax asset or some combination of the two. Tax liability is the amount of money you owe to tax authorities such as your local state and federal governments eg the IRS. 3 Simple Ways To Pay Your Tax Liability Tax Queen Owe Taxes Tax Debt Business Tax Deductions If youre in the 10 tax bracket for example a 1000 deduction would only reduce your taxable income by 100 010 x 1000 100. . The provision of sec 115 JB shall apply only in respect of company assessee not for others The objective of Section 115 JB is to ensure collection of minimum amount of tax in case of companies which has book profits but do not have taxable income This satiation arises as a result of such companies availing exemptions incentives deductions under various. Tax liability is to be computed by applying the rates prescribed in this regard. There is a common and oftentimes mistaken belief that a state tax li