Deductible - Law Dictionary Search Results
Home Dictionary Name: deductible Page: 3 Page 3 of about 173 results ( seconds)Allowance
Allowance [fr. locare, Lat.; allocare, allogare, It.; alogar, Prov.; louer, allouer, Fr., to place or assign], a deduction, an average payment, a portion.Also in selling goods, or in paying duties upon them, certain deductions are made from their weights, depending on the nature of the packages in which they are inclosed, and which are regulated in most instances by the custom of merchants, and the rules laid down by public offices. These allowances, as they are termed are distinguished by the epithets draft, tare, tret, and cloff.Draft is a deduction from the original or gross weight of goods, and is substracted before the tare is taken off.Tare is an allowance for the weight of the bag, box, cask, or other package in which goods are weighed.Real, or open tare, is the actual weight of the package.Customary tare is, as its name implies, an established allowance for the weight of the package.Computed tare is an estimated allowance agreed upon at the time.Average tare is when a few packa...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Turnover of purchases
Turnover of purchases, in relation to any period, means:(a) in the case of the occupier of a jute-mill, the aggregate of the purchase prices or parts of purchase 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 of raw jute returned to the seller within ninety days from the date of its purchase and such other amounts as may be prescribed.(b) in the case of a shipper of jute, the aggregate of the purchase price or parts of purchase price payable by such shipper of jute in respect of the quantities of raw jute purchase by him in West Bengal and dispatched by him during such period to any place outside West Bengal by any means of transit.(c) in case of any dealer liable to pay tax under s. 12 or s. 13, the aggregate of the purchase price or parts of purchase price payable by such dealer in respect of the goods, prescribed under t...
Intoxicating liquor
Intoxicating liquor, the word 'intoxicating liquor' is not confined to potable liquor alone but would include all liquor which contain alcohol. Liquor should not only cover alcoholic liquor which is generally used for beverage purposes wand produce intoxication but would also include liquids containing alcohol, State of U.P. v. Synthetics and Chemicals Ltd., AIR 1980 SC 614: (1980) 2 SCR 531: (1980) 2 SCC 441. [Constitution of India, List II, 7th Sch., Entry 8]See also Synthetics and Chemicals Ltd. v. State of Uttar Pradesh, (1990) 1 SCC 109.Intoxicating liquors. The sale of intoxicating liquors by retail in England and Wales is now mainly regulated by the Licensing (Consolidation) Act, 1910 (10 Edw. 7 & 1 Geo. 5, c. 24), which repealed (see Sched. VII.) the whole or part of thirteen earlier Acts. The effect of this statute is shortly as follows:-1. Grant of Licence.--Defining 'intoxicating liquor' as meaning 'spirits, wine, beer, porter, cider, perry, and sweets, and any fermented, di...
tax benefit rule
tax benefit rule : a tax rule requiring that if an amount (as of a loss) used as a deduction in a prior taxable year is recovered in a later year it must be included in the gross income for the later year to the extent of the original deduction NOTE: If the amount of the loss was not taken as a deduction in the year the loss occurred, the recovered amount is not counted as income. ...
gross
gross [Middle English, immediately obvious, from Middle French gros thick, coarse, from Latin grossus] 1 : flagrant or extreme esp. in badness or offensiveness : of very blameworthy character [a violation of the rules of ethics] [a abuse of trust] 2 : consisting of an overall total exclusive of deductions [ annual earnings] compare net gross·ly adv gross·ness n n : overall total exclusive of deductions in gross 1 : as a lump sum see also lump sum alimony at alimony 2 : independently existing, belonging to a person, and not attached to land see also easement in gross at easement vt : to earn or bring in (an overall total) exclusive of deductions (as for taxes or expenses) ...
Tithe Rent-Charge
Tithe Rent-Charge. A charge on land, substituted by commutation for that charge on the produce of the land for the benefit of the Church, which was called tithe from being the tenth part of the increase yearly arising and renewing from the profits of lands, the stock upon lands, and the personal industry of the inhabitants; the first species being usually called pr'dial, the second mixed, the third personal.This commutation was effected by a procedure set on foot by the (English) Tithe Act, 1836 (6 & 7 Wm. 4, c. 71), amended by subsequent Acts. See Chitty's Stat., tit. 'Tithe Rent-Charge.' The amount to be paid was annually adjusted, according to the price of corn.The commutation was effected in one of two ways-either by a voluntary parochial agreement, con-firmed by the commissioners, or by the compulsory award of the commissioners. The value, either voluntarily agreed upon or awarded by the commissioners, was considered as the amount of the total rent-charge to be paid in respect of ...
Trade allowance
Trade allowance, the question whether a particular payment is a trade allowance or not, depends upon the facts of each case. Firstly, it must be a deduction in any transaction in respect of commercial crops. If it is a deduction out of the price or commodity agreed to be paid or transferred, it would be a trade allowance. On the other hand, if the payment is 'de hors' the terms of the transaction but made towards consideration for the use of the premises or services rendered, it would not be a deduction from the price or in any transaction, M.C.V. S. Arunachala Nadar v. State of Madras, AIR 1959 SC 300 (308). (Madras Commercial Crops Markets Act, 1933, s. 14)...
Wholly and exclusively
Wholly and exclusively, the expression 'wholly and exclusively' used in s. 10(2)(xv) of the Income Tax Act, 1922 does not mean 'necessarily'. Ordinarily it is 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 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 is relevant to refer at this stage to the legislative history of s. 37 of the Income Tax Act, 1961 which corresponds to s. 10(2)(xv) of the Income Tax Act, 1922. An attempt was made in the Income Tax Bill of 1961 to lay down the 'necessity' of the expenditure as a condition for claiming deduction under s. 37. S. 37(1) in the Bill read 'any expenditure . . . laid out or expended wholly, necessarily and exclusively for the purposes of the business or ...
discount
discount : a reduction made from the gross amount or value of something: as a : a reduction made from a regular or list price or a proportionate deduction from a debt account usually made for prompt payment or for payment in cash b : a reduction made for interest in advancing money upon or purchasing a note not yet due c : a reduction in the price of a bond see also discount bond at bond d : the sale of securities that are issued below and redeemed at face value compare premium [dis-kant, dis-kant] vt 1 a : to make a deduction from usually for cash or prompt payment b : to sell or offer at a lowered price 2 : to lend money on after deducting a discount [banks negotiable instruments] 3 : to take into account (a future event or prospect) in making present calculations vi : to give or make discounts [dis-kant] adj 1 a : selling goods or services at a discount [a broker] b : offered or sold at a discount [ securities] 2 : reflecting a discount [the price] ...
- << Prev.
- Next >>