Charitable Deduction - Law Dictionary Search Results
Home Dictionary Name: charitable deductioncharitable deduction
charitable deduction see deduction ...
deduction
deduction 1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also Internal Revenue Code in the Important Laws section compare credit, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
Charitable purpose
Charitable purpose, includes relief of the poor, education, medical relief and the advancement of any other object of general public utility, but does not include a purpose which relates exclusively to religious teaching or worship. [Charitable Endow-ments Act, 1890 (6 of 1890), s. 2]Means relief of the poor, education, medical relief and the advancement of any other object of general public utility without the additive words 'not involving the carrying on of any activity for profit', Additional Commissioner of Income Tax v. Surat Art Silk Cloth Manufacturers Association, Surat, (1980) 2 SCR 77: (1980) 2 SCC 31: AIR 1980 SC 387.The definition of 'charitable purposes' in the West Bengal Estates Acquisition Act, 1953 follows, though not quite, the well-known definition of charity given by Lord Macnaghten in Commissioners for Special Purposes of Income Tax v. Pemsel, (1891) AC 531 (583), where four principal divisions were said to be comprised-trusts for the relief of poverty; trusts for ...
Charitable uses and trusts
Charitable uses and trusts. 9 Geo. 2, c. 26, commonly called 'The Mortmain Act,' 1735, after reciting that ifts or alienations of land in mortmain (see MORTMAIN) were prohibited by Magna Charta and other whole-some laws as prejudicial to the common utility, and that such public mischief had greatly increased by many large and improvident dispositions, made by languishing or dying persons to charitable uses, to take place after their deaths to the disherison of their lawful heirs, enacted that no lands or other hereditaments whatsoever, nor money, or personal estate to be laid out in land should be given to any person or bodies corporate, or charged by any person in trust, for any charitable uses, unless such gift, etc., should be made by deed (thus entirely excluding gifts by will) executed twelve months before the death of the donor and be enrolled in the court of Chancery within six calendar months after execution, and be without any power of revocation for the benefit of the donor.T...
Official trustees of charitable funds
Official trustees of charitable funds, officers of the Charity Commissioners appointed to hold stocks and securities belonging to charities: see (English) Charitable Trusts Act, 1853, s. 51; (English) Charitable Trusts Amendment Act, 1855, s. 18; (English) Charitable Trusts Act, 1887, s. 4....
Charitable trust
Charitable trust, A charitable trust can either be created by a grant for an express purpose or a grant having been made in favour of an individual or a class of individuals, that individual or that class of individuals might, after obtaining the grant, create a charitable trust, Bihar State Board Religious Trust, Patna v. Mahanth Sri Biseshwar Das, (1971) 1 SCC 574: (1971) 3 SCR 680: AIR 1971 SC 2057....
Commissin of charitable uses
Commissin of charitable uses, issued out of Chancery to the bishop and others to inquire into misapplication of lands given to charitable uses, 43 Eliz. c. 4. See CHARITABLE USES....
Wholly for religious or charitable purpose
Wholly for religious or charitable purpose, the expression 'wholly for religious or charitable purpose' means that property under trust is held wholly for religious or charitable purposes, AIR 1967 Mad 396 (397). [Madras Agricultural Income Tax Act, 1955, s. 4(b)]...
Approved charitable institution
Approved charitable institution, means an institution specified in, or, as the case may be, an institution established for charitable purposes and notified by the Central Government under clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(a)]....
Charitable
Charitable, when used in its legal sense, covers many objects which a layman might not consider to be included under that word, but it excludes some benevolent or philanthropic activities which a layman might consider charitable, Shaw, Public Trustee v. Day, (1957) 1 All ER 745....
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