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Home Dictionary Name: computer Page: 5Period of limitation
Period of limitation, connotes the period of years, months or days prescribed by law impassing limitation. It does not refer to a period after expiry of which no proceedings can be instituted, District Collector, Kottayam v. Cheriyan Marriamna, (1969) Ker LT 748.Means the period of limitation prescribed for any suit, appeal or application by the Schedule, and 'prescribed period' means the period of limitation computed in accordance with the provisions of this Act. [Limitation Act, 1963 (36 of 1963), s. 2 (j)]The 'period of limitation' is defined in s. 2(j) of the Limitation Act, 1963, and 'means the period of limitation prescribed for any suit, appeal or application by the Schedule, and 'prescribed period' means the period of limitation computed in accordance with the provisions of this Act'. Whenever, therefore, under s. 12 a prescribed period of limitation has to be computed certain days are permitted to be excluded in order that a person who desires to appeal is not put to any incon...
Reckon
To make an enumeration or computation to engage in numbering or computing...
tax preference item
tax preference item : an item (as an amount of depreciation) favorable to a taxpayer in the ordinary computation of tax liability that is taxed in the computation of alternative minimum tax ...
Calendar
Calendar [fr. Calendarium, Lat.; fr. Calend', the first day in the month in Roman reckoning], the order and series of months, together with the festivals and fasts, which make up the year. There are two modes of computing time-by the annual course of the sun, and by the periodical revolutions of the moon. The solar year consists of 365 days, 5 hours, 48', 45', 30'; the lunar year of 354 days, 3 hours, 48', 38', 12'. The Mohammedans adopt the lunar year. The solar year, calculated by the ancient Egyptians, has undergone various corrections and denominations.The chief of the calendars now in use are the three following: (1) The Julian, so called because Julius C'sar introduced into the Roman Empire the solar or Egyptian year, instead of the lunar year. The Russians and Greeks are the only nations that now use the Julian year. The common Julian year consists of 365 days, and the bissextile or leap-year (see that title), which returns every four years, of 366 days. This computation is faul...
Corporation Tax
Corporation Tax, 'corporation tax' means any tax on income, so far as that tax is payable by companies and is a tax in the case of which the following conditions are fulfilled:(a) that it is not chargeable in respect of agricultural income;(b) that no deduction in respect of the tax, paid by companies is, by any enactments which may apply to tax, authorised to be made from dividends payable by the companies to individuals:(c) that no provision exists for taking the tax so paid into account in computing for the purposes of Indian income tax the total income of individuals receiving such dividends, or in computing the Indian income tax payable by, or refundable to, such individuals. [Constitution of India, Art. 336(6)]...
Month
Month [fr. monath, Sax., moon, which was formerly written mone, as month was written moneth]. The period in which that planet moneth, i.e., completeth its orbit.It is either--(1) Lunar, the time between the change and change, or the time in which the moon returns to the same point, being twenty-eight days.(2) Solar, that period in which the sun passes through one of the twelve signs of the zodiac.(3) Calendar, by which we reckon time, consisting unequally of thirty or thirty-one days, except February, which consists of twenty-eight, and in leap year of twenty nine days. The calendar month is also nine days. The calendar month is also called usual, natural, civil, political.In an Act of Parliament (English), passed after 1850, the word 'month,' which was formerly taken to mean a lunar month, unless calendar month was specified, means calendar month; unless words be added pointing to lunar months [(English) Interpretation Act, 1889 (s. 3), repealing and re-enacting 13 Vict. c. 21]. By th...
Net wealth
Net wealth, 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, Commissioner of Wealth Tax v. Bishwanath Chatterjee, AIR 1976 SC 1492 (1494): (1976) 3 SCC 385: (1976) 3 SCR 1096. [Wealth Tax Act, 1957, ss. 2(m) and 21(5)]It means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date which have been incurred in relation to the said assets. [Wealth-tax Act, 1957 (27 of 1957), s. 32 (m)]A coparcenary has unity of possession but not unity of owners...
Rate
Rate, A contribution levied by some public body for a public purpose, as a poor rate, a highway rate, a sewers rate, upon, as a general rule, the occupiers of property within a parish or other area.Proportional or relative value; the proportion of which quantity or value is adjusted, Black's Law Dictionary, 7th Edn., p. 1268.The term 'rate' is also used to mean a charge by a water, gas, railway, or other public undertaking for services rendered e.g., (English) Railways Act, 1921, s. 20; Metropolitan Water Board Charges Act, 1921 (11 & 12 Geo. 5, c. xciv.).The poor rate was levied under the (English) Poor Relief Act, 1601 (43 Eliz. s. 2), on the occupiers in each parish of 'lands, houses, tithes, coal mines, or saleable underwoods,' and the (English) Rating Act, 1874, extended the liability to rates to: (1) land used for a plantation or a wood, or for the growth of saleable underwood, and not subject to any right of common; (2) rights of fowling, shooting, taking, or killing game, or ra...
Time
Time. before 1751 the legal year in England began on the 25th March, therein differing from the common usage in the whole kingdom, and the legal method in Scotland. In 1751 the Gregorian, or present, calendar was substituted for the Julian Calendar by 24 Geo. 2, c. 23.1. A measure of duration 2. A point in or period of duration at or during which something is alleged to have occurred 3. Slang. A convicted criminal's period of incarceration, Black's Law Dictionary, 7th Edn.Time in Acts of Parliament (see, e.g., the definition of night in the Larceny Act) and legal instruments means, in Great Britain, Greenwich mean time, and in Ireland, Dublin mean time, by virtue of the Statute (Definition of Times) Act, 1880 (43 & 44 Vict. c. 9). See, however, Gordon v. Cann, (1899) 68 LJQB 434. The effect of the Summer Time Act, 1922, continued annually, should be noted. The time for Great Britain, Northern Ireland, the Channel Islands, and the Isle of Man is one hour in advance of Greenwich time dur...
Car mile
A mile traveled by a single car taken as a unit of computation as in computing the average travel of each car of a system during a given period...
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