Deductible - Law Dictionary Search Results
Home Dictionary Name: deductible Page: 4zero bracket amount
zero bracket amount : a deduction from gross income that was permitted for federal taxpayers and reflected in tax tables until its replacement by the standard deduction in 1986 ...
exemption
exemption 1 : the act of exempting or state of being exempt 2 : one that exempts or is exempted: as a : an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also Internal Revenue Code in the Important Laws section compare deduction, exclusion, tax credit de·pen·den·cy exemption [də-pen-dən-sē-] : an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) NOTE: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. per·son·al exemption : an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b : the right created by federal and state laws to exempt specified types of property from a bankruptcy estate [pre...
Turnover of sales
Turnover of sales, in relation to any period, means the aggregate of the sale prices or parts of sale-prices received or receivable by a dealer in respect of sales of goods made during such period after deducting therefrom the amounts, if any, refunded by the dealer in respect of any such goods returned or rejected by the purchaser within three months from date of delivery of such goods. [West Bengal Value Added Tax Act, 2003, s. 2(55)]Means the aggregate of the amounts of sale price received and receivable by a dealer in respect of any sale of goods made during a given period after deducting the amount of sale price, if any, refunded by the dealer to purchaser, in respect of any goods purchased and returned by the purchaser within the prescribed period. [Gujarat Value Added Tax Act, 2003, s. 2(33)]Means the aggregate of the amounts of sale price received and receivable by a dealer in respect of any sale of goods made during a given period after deducing the amount of:(a) sale price, i...
Trade discount
Trade discount, a 'trade discount' is a deduction from the catalogue price of goods allowed by wholesalers to retailers engaged in the trade, Dy. C.S.T. (Law), Board of Revenue (Taxes) v. Advani Coorlikon (P) Ltd., AIR 1980 SC 609 (610): (1980) 1 SCC 360: (1980) 1 SCR 931. [Central Sales Tax Act, 1956, s. 2(h)]Trade discount, is a percentage deduction from the regular list or catalogue price or goods, A.K. Roy v. Voltas Limited, 1973 SCC Tax 261...
Net profits
Net profits, clear profits after all deductions, see Watson v. Haggitt, 1928 AC 127. [s. 42, Indian Trusts Act]Net profits, the 'net profits' means the divisible profits and are to be ascertained after deduction of excess profits tax which is payable by the assessee, CIT v. Delhi Flour Mills Co. Ltd., AIR 1959 SC 185 (188): 1959 Supp (1) SCR 28. [Excess Profits Tax Act, 1940, s. 4]...
carryback
carryback : the portion of an income tax deduction (as for a net operating loss) or credit which cannot be taken entirely in a given period and which may be deducted from taxable income of a prior period compare carryover ...
Net income
Net income, in matrimonial jurisprudence the expression would normally mean total income derived less the cost of collection and other compulsory payments such as Income-tax etc. It does not mean net income after giving deduction for all the expenses incurred by the husband. Expenses which are to be deducted must have some relation or connection with the source of income, D. Thankaraj v. M.C. Pushpa Rose, AIR 1986 Ker 23....
Neat or net
Neat or net, the weight of a pure commodity alone, without the container cask, bag, dross, packing, etc., opposed to 'gross' weight (Continental 'tare' opposed to 'brut'), also 'undiluted.' In accounts of sum of money after deduction of all stand outgoings or expenses, or other deductions, Com. Term.Net rent. In houses to which the Rent and Mortgage Interest Restrictions apply the rent on the 3rd August, 1914, less the rates (if any) payable by the landlord and included in that rent....
If any
If any, The phrase 'if any', signifies that if no duty is payable, nothing will be deducted from the wholesale price. It is only when excise duty is actually payable that the duty element can be excluded from the wholesale price, Asst. Collector of Central Excise v. Bata India, AIR 1996 SC 3380 (3383): (1996) 4 SCC 568. [Central Excise and Salt Act, 1994, s. 4(1) d 4(4) (d) (ii)]If any, amplify that if there is no balance period left such deduction the convict will be entitled to be set free from jail, unless he is required in any other case, State of Maharashtra v. Najakat Alia Mubarak Ali, (2001) 6 SCC 311....
Debt owed
Debt owed, a debt owed within the meaning of s. 2(m) of the Wealth-tax Act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money, Commissioner of Wealth Tax v. Her Highness Vijyaba Dowger Maharani Saheb of Bhavnagar Palace, (1979) 2 SCC 213: AIR 1979 SC 982: (1979) 3 SCR 545.The deduction claimed in respect of each assessment year was in truth and substance a liability under the Indian Income-tax Act, 1922 or the Income-tax Act, 1961, as the case may be, and not a new liability created by the Finance Act, and, therefore, it constituted a 'debt owed' by the assessee on the respective valuation dates within the meaning of s. 2(m) of the Act and that the deduction claimed should be allowed while computing the net wealth of the assessee, Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, (1981) 3 SCC 77: AIR 1981 SC 1562: (1981) 3 SCR 402.A 'debt owed' within the meaning of, s. 2(m) of the Wealth-tax Act can be defined as a liability to pay ...
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