(1A)The existing and estimated tax liability referred to in sub-rule (1) shall be determined by the Assessing Officer after taking into consideration the following, namely:(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 the last four previous years;(iii)existing liability under the Act and the Wealth-tax Act, 1957 (27 of 1957);(iv)advance tax payment, tax deducted at source and tax collected at source for the relevant assessment year relevant to the previous year till the date of making application under sub-rule (1) of rule 37G.]
