(2)The existing and estimated liability referred to in sub-rule (1) shall be determined by the Assessing Officer after taking into consideration the following:-(i)tax payable on estimated income of the previous year relevant to the assessment year;(ii)tax payable on the assessed or returned [or estimated income, as the case may be, of last four] [Substituted 'income, as the case may be, of the last three' by Notification No. G.S.R. 1068(E), dated 25.10.2018 (w.e.f. 26.3.1962).] previous years;(iii)existing liability under the Income-tax Act, 1961 and Wealth-tax Act, 1957;(iv)advance tax payment [tax deducted at source and tax collected at source] [Inserted by Notification No. G.S.R. 1068(E), dated 25.10.2018 (w.e.f. 26.3.1962).] for the assessment year relevant to the previous year till the date of making application under sub-rule (1) of rule 28;[***] [Omitted '(v) and (vi)' by Notification No. G.S.R. 1068(E), dated 25.10.2018 (w.e.f. 26.3.1962).]
