Earned Income - Law Dictionary Search Results
Home Dictionary Name: earned incomeadvance earned income credit
advance earned income credit Prepayments of the earned income credit by an employer to an employee. ...
earned income
earned income : income (as wages, salary, professional fees, or commissions) that results from the personal labor or services of an individual compare unearned income ...
earned income credit
earned income credit A tax credit allowed to employed individuals whose income and modified gross income is less than a certain amount. ...
Total full time earning
Total full time earning, it can only mean the earnings he earns in a day by working full time on that day, the full time to be in accordance with the period of time given in the notice displayed in the factory for a particular day. This is further apparent from the fact that any payment for overtime or for bonus is not included in computing the total full time earnings, Shankar Balaji Waje v. State of Maharashtra, AIR 1962 SC 517 (523): 1962 Supp (1) SCR 249; see also Manglore Ganesh Beedi Works v. Union of India, AIR 1974 SC 1832. [Factories Act, 1948, s. 80]...
Income-tax
Income-tax, a tax of so much in the pound of income, under five classifications, according as derived from (A) ownership of land or houses, etc., (B) occupation of land or houses, etc., (C) dividends from stocks or shares, (D) professional or trade earnings or profits, and any profit not included in the four previous classifications, and (E) official and other salaries. The Acts on this subject, dating from the Income-tax Act, 1842 (5 & 6 Vict. c. 35), which, to a great extent, repeats the phraseology of Addington's Act of 1806, are very numerous. Voluntary Easter gifts to an incumbent are assessable to income-tax, Cooper v. Blakinston, 1909 AC 104. See Chitty's Statutes, tit. 'Property Tax.'The tax in 1842, and for many years afterwards, was 7d. in the pound; in 1855,, the year of the Crime an War, it rose to 1s. 4d., and in 1918 to 6s. The Finance Act, 1907 (7 Edw. 7, c. 13), for the first time differentiated (ss. 19 et seq.) between 'earned income' and income from other sources, and...
earned
Gained as a result of effort or action used especially of income as earned income Contrasted with unearned...
unearned income
unearned income : income (as interest and dividends) that is not gained by labor, service, or skill compare earned income ...
Earned surplus
Earned surplus, it represents a specific account into which are added the net profits of the year and appropriations are made out of it and the balance is regarded as 'earned surplus' at the end of the year. This account is specifically allocated for utilisation for the purpose of business year after year. It is an account in which the net profits less the appropriations are added, and the account is intended for application in extending the business of the assessee company. The amounts entered in the account 'earned surplus' cannot be regarded as mere unallocated profits at the end of the accounting year, CIT v. Standard Vacuum Oil Company, AIR 1966 SC 1393: (1966) 2 SCR 367. [Business Profits Tax Act, 1947, Sch. II, R. (2) and (3)]...
Goodwill
Goodwill, may be the whole advantage belonging to the firm, its reputation as also connection thereof. It, thus, means that every affirmative advantage as contrasted with negative advantage that has been acquired in carrying on the business whether connected with the premises of business or its name or style, everything connected with or carrying the benefit of the business, Ramnik Vallabhdas Madhwani v. Taraben Pravinlal Madhwani, (2004) 1 SCC 407: AIR 2004 SC 1084 (Partnership Act, 1932, s. 55).A business's reputation, patronage, and other intan-gible assets that are considered when apprising the business, esp. for purchase; The ability to earn income in excess of the an come that would be expected from the business veined as a mere collec-tion of assets, Black's Law Dictionary, 7th Edn., p. 703.The advantage or benefit which is acquired by a business, beyond the mere value of the capital, stock, funds, or property employed therein, incon-sequence of the general public patronage and ...
earnings per share (eps)
earnings per share (eps) a corporation's profit that is divided among each share of common stock. It is determined by taking the net earnings divided by the number of outstanding common stocks held. This is a way that a company reports profitability. Source: U.S. Department of Housing and Urban Development ...
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