Accounting Year - Law Dictionary Search Results
Working days in any accounting year
Working days in any accounting year, in the case of a factory which works seasonally during an accounting year, working days in any accounting year' can only mean those days of the year during which the employee concerned is actually allowed to work, Sakhkkar Mills Mazdoor Sangh v. Gwalior Sugar Co. Ltd., AIR 1985 SC 758: (1985) 2 SCC 134: (1985) 2 SCR 958. [Payment of Bonus Act (21 of 1968), ss. 10, 13]...
Accounting year
Accounting year, means-(i) in relation to a corporation, the year ending on the day on which the books and accounts of the corporation are to be closed and balanced; (ii) in relation to a company, the period in respect of which any profit and loss account of the company laid before it in annual general meeting is made up, whether that period is a year or not; (iii) in any other case-(a) the year commencing on the 1st day of April; or (b) if the accounts of an establishment maintained by the employer thereof are closed and balanced on any day other than the 31st day of March, then, at the option of the employer, the year ending on the day on which its accounts are so closed and balanced: Provided that an option once exercised by the employer under paragraph (b) of this sub-clause shall not again be exercised except with the previous permission in writing of the prescribed authority and upon such conditions as that authority may think fit. [Payment of Bonus Act, 1965 (21 of 1965), s. 2 (...
Year accounting
Year accounting, s. 2 of the Payment of Bonus Act, 1965 defines accounting year, Binny Ltd. v. Their Workmen, AIR 1973 SC 353: (1974) 3 SCC 27: (1972) 3 SCR 462....
Year
Year, means a period commencing on 1st April and ending on 31st March next following. [Rajasthan Public Libraries Act, 2006, s. 2(t)]Means a year commencing on 1st day of April. [Equity Linked Savings Scheme, 2005, s. 2(g)][fr. gear, Sax.], 365 days, twelve calendar months, fifty-two weeks and one day, or in Leap Year (q.v.) 366 days, i.e., fifty-two weeks and two days.The first day of the year was legally altered for England from the 25th of March to 1st of January in and after 1752 by the Calendar (New Style) Act, 1750 (24 Geo. 2, c. 23) (Chitty's Statutes, tit. ' Time '), but as appears from the preamble to that statute, the 1st of January had been the first day of the year in Scotland, in other nations, and by ' common usage throughout the whole kingdom.' See CALENDAR generally, when a statute speaks of a year it must be considered as twelve calendar and not lunar months, Bishop of Peterborough v. Catesby, 1608 Cro Jac 166.For the termination of the statutory year for certain finan...
Earned surplus
Earned surplus, it represents a specific account into which are added the net profits of the year and appropriations are made out of it and the balance is regarded as 'earned surplus' at the end of the year. This account is specifically allocated for utilisation for the purpose of business year after year. It is an account in which the net profits less the appropriations are added, and the account is intended for application in extending the business of the assessee company. The amounts entered in the account 'earned surplus' cannot be regarded as mere unallocated profits at the end of the accounting year, CIT v. Standard Vacuum Oil Company, AIR 1966 SC 1393: (1966) 2 SCR 367. [Business Profits Tax Act, 1947, Sch. II, R. (2) and (3)]...
For any year
For any year, the words 'for any year' mean for any assessment year and not for any accounting year, First Additional ITO v. H.N.S. Iyengar, AIR 1962 SC 478 (480): 1962 Supp (1) SCR I. [Income-tax Act, (11 of 1922), s. 34 (i) (a)]...
Railway
Railway. A road owned by a private person or public company on which carriages run over iron rails; if the road is a public highway, that part of it on which the rails are laid is called a tramway. Every railway in this country (except a few private railways running through land owned by the owner of the railway) is constructed and managed (1) under a local and personal Act of Parliament; and (2) under the Companies Clauses, Lands Clauses, and Railways Clauses Consolidation Acts; and (3) under the general Acts relating to railways. The (English) Railway Act, 1921, provides for the reorganization of almost all the railways in England.Railway Companies as Carriers, The powers of railway companies as carriers are given by the 86th section of the Railways Clauses Consolidation Act, 1845, and controlled by the (English) Railway and Canal Traffic Acts of 1854, 1873, and 1888. The (English) Act of 1845, s. 86, enacts that:-It shall be lawful for the company [authorized (see s. 3) by the speci...
Bissextile
Leap year every fourth year in which a day is added to the month of February on account of the excess of the tropical year 365 d 5 h 48 m 46 s above 365 days But one day added every four years is equivalent to six hours each year which is 11 m 14 s more than the excess of the real year Hence it is necessary to suppress the bissextile day at the end of every century which is not divisible by 400 while it is retained at the end of those which are divisible by 400...
taxable year
taxable year : a period of time used as the basis of tax computation that is usually the annual accounting period of a calendar year or fiscal year called also tax year ...
Allocable surplus
Allocable surplus, means-(a) in relation to an employer, being a company other than a banking company which has not made the arrangements prescribed under the Income-tax Act for the declaration and payment within India of the dividends payable out of its profits in accordance with the provisions of s. 194 of that Act, sixty-seven per cent of the available surplus in an accounting year. (b) In any other case, sixty per cent of such available surplus. [Payment of Bonus Act, 1965 (21 of 1965), s. 2 (4)]...
- ‹ Prev
- 2
- 3
- 4
- 5
- Next ›
- Last »