Account Payable - Law Dictionary Search Results
Home Dictionary Name: account payableaccount payable
account payable pl: accounts payable : the balance due to a creditor on a current account ...
P.O.D. account
P.O.D. account [Payable On Death] : an account payable on request to an original party or upon the party's death to one or more designated beneficiaries NOTE: A P.O.D. account is one of the few vehicles for the transfer of a decedent's property outside of probate. ...
Money due or to become due on account of pension
Money due or to become due on account of pension, The words money due or to become due on account of pension' occurring in s. 11 of the Pensions Act, 1871 includes the commuted portion of the pension payable to an employee after his retirement, Union of India v. Wing Commander R.R. Hingorani (Retd), AIR 1987 SC 808 (814): (1987) 1 SCC 551. [Pensions Act, (23 of 1891), s. 11]...
Accounts duties
Accounts duties. Duties first made payable by the (English) Customs & Inland Revenue Act, 1881 (44 & 45 Vict. C. 12), s. 38, at the same rates as the Probate Duties, upon a donatio mortis causa (q.v.); upon the gift inter vivos of a donor dying within three months; on joint property voluntarily so created and taken by survivorship; and on property taken under a voluntary settlement in which the settlor had reserved a life interest. These duties were in name superseded by the 'Estate Duty' imposed by the (English) Finance Act, 1894 (57 & 58 Vict. C. 30), the property chargeable under the (English) Customs & Inland Revenue Act, 1881, s. 38, being included in the classes of property deemed by the (English) Finance Act, 1894, to 'pass' by death and thus chargeable with the new 'Estate Duty' and the original provisions affecting gifts inter vivos, voluntary settlements, etc., have been considerably amended by subsequent legislation. See ESTATE DUTY....
Payable on demand
Payable on demand, The words 'payable on demand' in a promissory note mean payable 'at once'. Ajyappankutty v. Mathoo Mathai, AIR 1955 Trav 65 (66). (Travancore Cochin Stamp Act, 1899, Art. 89)The words 'payable on demand' have been given different meaning when applied with reference to 'money lent' and 'money deposited'. In the content of Art. 21, the meaning and effect of these words is 'always payable' or payable from the moment when the loan is made, whereas in the content of Art. 22, 'the meaning is 'payable when actually a demand for payment is made'. The words 'on demand' in law have a special meaning and when an agreement states that an amount is payable on demand. It implies that it is always payable, that is payable forthwith and a demand is not a condition precedent for the amount to become payable. The meaning attached to the expression 'on demand' as 'always payable' or 'payable forthwith without demand' is not one of Universal application. The said meaning is normally app...
Payable
Payable, 'payable' generally means that which should be paid, New Delhi Municipal Committee v. Kalu Ram, AIR 1976 SC 1637 (1639): (1976) 3 SCC 407: (1976) Supp SCR 87.The expression 'the full amount payable by the foreign buyer in respect of the goods' occurring in cl. (b) would mean merely the total amount which is due from the foreign buyer in respect of the goods actually exported; and what would be due from a foreign buyer has to be merely the price which he has been agreed to pay and not any fanciful, unreal or inflated price which the exporter may choose to falsely incorporate in the invoice with any ulterior motives. The foreign buyer cannot, by any stretch of imagination, be held to be liable to pay any amount over and above the price which he has promised to pay for the goods received by him and any difference between that price and the price given in the invoice can therefore not have the attribute of having become 'payable' by him, Director, Enforcement Directorate, Ministry...
Tax payable
Tax payable, means tax payable under this Act on sales or purchase effected by a dealer or casual dealer but does not include tax due as defined in clause (46). [West Bengal Value Added Tax Act, 2003, s. 2(49)]Means the full amount of tax which becomes due when assessed on the basis of the information regarding turnover and taxable turnover furnished or shown in the return, J.K. Synthetices Ltd. v. Commercial Taxes Officer, AIR 1994 SC 2393. (See also Rajasthan Sales Tax Act, 1954, s. 1113)The tax payable is the amount for which a demand notice is issued under s. 156. In determining the tax payable, the tax already paid has to be deducted. Hence, there can be no doubt that the expression 'the amount of the tax, if any, payable by him' referred to in the first part of s. 271(1)(a)(i), refers to the tax payable under a demand notice. Considering the words 'the tax' found in the latter part of that provision. It may be noted that the expression used is not 'tax' but the 'the tax'. The def...
payables
money that a person or organization expects and is obligated to pay on notes and accounts...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
Account stated
Account stated, An account stated is the admission of a balance due from one party to another, and that balance being due there is a debt; the statement of the account and the admission of the balance implies a promise in law to pay it; see Irving v. Veitch, (1837) 3 M&W 106. The account must have been stated before action brought. An account stated, however, creates only a prima facie liability, which may be rebutted by disputing the debts charged in the account, as, for instance, by proving mistake (among other ordinary defences); Camillo Tank Steamship Co. v. Alexandria Engineering Works, (1921) 38 TLR 134. For statutory power to re-open an account stated, see MONEY LENDERS ACT. By the Infants Relief Act, 1874 (37 & 38 Vict. c. 62), s. 1, an account stated with an infant is void.The expression 'account stated' has more than one meaning. It sometimes means a claim to payment made by one party and admitted by the other to be correct. There is, however, a second kind of account stated ...
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