Business Deduction - Law Dictionary Search Results
business deduction
Matched in: Term business deduction
deduction
Matched in: Term deduction
expense
expense : financial burden or outlay ;specif : an item of business outlay chargeable against revenue for a specific period busi·ness expense : an expense made in furtherance of one's … expense is incurred compare capital expense and personal expense in this entry NOTE: Business expenses are generally tax deductible in the year the expense is incurred. capital expense : an expense made in a business that will
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Wholly and exclusively for purposes of such business
Matched in: Term Wholly and exclusively for purposes of such business
Wholly and exclusively
necessity and if it is incurred for promoting the business and to earn profits, the assessee can claim deduction under s. 10(2)(xv) of the Act even though there was no compelling necessity to incur such expenditure. It … for the assessee to decide whether any expenditure should be incurred in the course of his or its business. Such expenditure may be incurred voluntarily and without any necessity and if it is incurred for promoting the
Turnover of purchases
during such period for use of such good in West Bengal for the purpose of carrying on his business, after deducting the amounts, if any, refunded to the seller during such period in respect of any such … prices payable by such occupier for the quantities of raw jute purchased by him during such period after deducting the amounts, if any, refunded to him by the seller during such period in respect of any quantity
adjusted gross income
adjusted gross income : an individual's gross income decreased by the amount of deductions allowed esp. for business expenses … adjusted gross income : an individual's gross income decreased by the amount of deductions allowed esp. for business expenses
Personal expenses
assessee or to satisfy his personal needs, such as clothes, food, etc. or purposes not related to the business for which the deduction is claimed, State of Madras v. G.J. Coelho, AIR 1965 SC 321: (1964) 8
trust
a divorced spouse with a remainder to someone else bank account trust : totten trust in this entry business trust : a trust that is created for the purpose of making profit and that is usually characterized … bypass trust is to reduce the surviving spouse's taxable estate. Such trusts do not qualify for the marital deduction. charitable lead trust [-lēd-] : a trust in which a charity is named as the beneficiary for a
franchise
franc free] 1 : a special right or privilege granted by the government to an individual, group, or business entity: as a : a right to conduct a business and esp. to be and to exercise the … an insurance contract below which an insurer disclaims liability and above which the insurer assumes total liability compare deductible b : group insurance covering fewer than the minimum number of participants required by law for such coverage
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