Expenditure - Law Dictionary Search Results
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Budget, In U.K. budget is presented soon after the beginning of the financial year by the chancellor of exchequer. His annual financial statement known as Budget deals with resources of the country, estimates of probable income and expenditure and fresh tax proposals, Parliamentary Practice, Erskine May, 22nd Edn., 2001.Budget, is the annual estimate of revenue and expenditure of a country, Oxford Advanced Learner's Dictionary of Current English, A.S. Hornby, 2002, p. 155.Budget, is a periodic assessment of and programmes for national revenue and expenditure, proposed by Government and presented to Parliament, Chambers 21st Century Dictionary, p. 183.Budget, refer to the statement of the estimated receipts and expenditure of the Government of India known as annual financial statement, it is caused to be laid before both Houses of Parliament by the President in respect of every financial year on such day as he may direct, Constitution of India - Article 112, Rules of Procedure and Condu...
Landing charges
Landing charges, are the expenditure incurred by an importer for bringing goods on board ship to land. Landing charges, in law, must be assessed on actuals, but, as a matter of practice, particularly to facilitate expenditure clearance. Landing charges are assessed at a percentage of the value of the goods and such assessment is accepted. When so assessed, landing charges cover the totality of all that an importer expends to bring imported goods to land, M/s Coromandal Fertilisers Ltd. v. Collection of Customs, AIR 2000 SC 606.Are exactly what the words mean, the expenditure incurred by an importer for bringing goods on board ship to land. Landing charges, in law, must be assessed on actuals, but, as a matter of practice, particularly to facilitate expeditious clearance, landing charges are assessed at a percentage of the value of the goods and such assessment is accepted. When so assessed, landing charges cover the totality of all that an importer expends to bring imported goods to la...
Annual Financial Statement
Annual Financial Statement, means a statement made by the Minister-incharge of Finance in the legislature containing the probable income and expenditure of the Government for any year; familiarly known as Budget. Parliamentary Practice, Erskin May, 22nd Edn., p. 788.In U.K., this statement is made by the Chancellor of the Exchequer in the House of Commons when he has completed his estimate of the probable income and expenditure for the financial year, Parliamentary Practice, Erskine May, 22nd Edn., p. 788.It contains his view of the resources of the country; it declares whether the burdens upon the people are to be increased or diminished, Parliamentary Practice, Erskine May, 22nd Edn., p. 788.The Annual Financial Statement or the Statement or the Statement of the Estimated Receipts and Expenditure of the Government of India in respect of each financial year, known as the 'Budget', is presented to Lok Sabha on such day as the President may direct, Rules of Procedure and Conduct of (Raj...
Luxury
Luxury, as an entirely relative term; a free indulgence in costly food, dress, furniture or anything expensive which gratifies the appetites or tastees; also a mode of life characterized by material abundance and gratification of expensive tastes, (Corpus Juris Secundum, Vol. IV, p. 887).Luxury, could among other meanings be defined as (1) abundance, sumptuous enjoyment; (2) the habitual use of, or indulgence in, what is choice or costly; (3) refined and intense enjoyment; means of luxurious enjoyment; (4) in a particularized sense; something which conduces to enjoyment or comfort in addition to what are accounted the necessaries. Hence, in recent use, something which is desirable but not indispensable; and (5) as an attribute as luxury coach, cruise duty, edition, flat, liner, shop, tax, trade, Oxford English Dictionary, 2nd Edn., Vol. IX.Means something which conduces enjoyment over and above the necessaries of life. It denotes something which is superfluous and not indispensable and...
Revenue deficit
Revenue deficit, means difference between revenue expenditure and revenue receipts which indicates increase in liability of the State Government without corresponding increase in assets of the Government. [Gujarat Fiscal Responsibility Act, 2005, s. 2(g)]Means the amount of excess of revenue expenditure over revenue receipts in a financial year. [Rajasthan Agricultural Produce Market Act, 2005, s. 2(m)]Means the difference between revenue expediture and revenue receipts of the State Government [Madhya Pradesh Rajkoshiya Uttardayitva Avam Budget Prabandhanam Adhiniyam, 2005, s. 2(i)]Means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets of that Govern-ment. [Fiscal Responsibility and Budget Manage-ment Act, 2003 (39 of 2003), s. 2(e)]...
Passive resisters
Passive resisters, those persons who, as a protest against the expenditure of a local authority in connection with an object of which they disapprove, decline to pay that part of a rate attributable to such expenditure, and by such 'passive resistance' force the local authority to recover the sum withheld by distress and sale or other process. Passive resistance was resorted to especially in connection with the operation of the (English) Education Act, 1902. See R. v. Gillespie, 1904 KB 174....
Token grant
Token grant, in India, demand for grant of a token sum is brought before the House when funds to meet expenditure on 'new notice' can be made available by re-appropriation; if House assents to the demand, funds are made available, Rules of Procedure and Conduct of Business in Lok Sabha, 10th Edn., 2002, r. 217.In UK the token sum is inserted under the appropri-ate subhead in the main estimate itself; it is done because, being a new service, sufficient detail is not available and also the amount of the grant cannot be precisely estimated, Parliamentary Practice, Erskine May, 22nd Edn., 1997, p. 749.Token grant, is a grant of a token sum made by Parliament to meet the proposed expenditure on a new service, Rules of Procedure and Conduct of Business in Lok Sabha, 10th Edn., 2002, r. 217...
Supply, Committee of
Supply, Committee of. All bills which relate to the public income or expenditure must originate with the House of Commons, and all bills authorizing expenditure of the public money are based upon resolutions moved in a Committee of Supply, which is always a committee of the whole House. See MONEY-BILL....
Donation
Donation, When a person gives money to another without any material return, he donates that sum. An act by which the owner of a thing voluntarily transfers the title and possession of the same from himself to another, without any consideration, is a donation, Commissioner of Expenditure v. Shri P.V.G. Raju (1976) 1 SCC 241: AIR 1976 SC 140: (1976) 1 SCR 1017. [Expenditure Tax Act, 1958, s. 5(j)]...
Once and for all
Once and for all, the expression 'once and for all' was used to denote an expenditure which is made once and for all for procuring an enduring benefit to the business as distinguished from a recurring expenditure in the nature of operational expenses, CIT v. Coal Shipment (P) Ltd., AIR 1972 SC 541: (1971) 3 SCC 736: (1972) 1 SCR 1089....
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