Expenditure - Law Dictionary Search Results
Home Dictionary Name: expenditure Page: 4Fiscal deficit
Fiscal deficit, means the excess of total disbursement from the consolidated fund of the State (excluding repayment of debt) over the sum of revenue receipts, recovery of loans and non-debt capital receipts into the fund during a financial year, Rajasthan Agricultural Produce Markets Act, 2005, s. 2(f).Means the excess of total disbursements, from the Consolidated Fund of India, excluding repayment of debt, over total receipt into the fund (excluding the debt receipts), during a financial year, Fiscal Responsibility and Budget Management Act, 2003, s. 23(a).Means excess of total expenditure of State Govern-ment over the total non-debt receipt and thus represents those borrowing requirement, net of repayment during the year which needs to be serviced by way of internet and principal repayment, Maharashtra Fiscal Responsibility and Budgetary Management Act, 2005, s. 2(c).Means the excess of total disbursements from the consolidated fund of the State (excluding repayment of debt) over tot...
Floating capital
Floating capital. Capital available for the purpose of meeting current expenditure....
For such State or any part thereof
For such State or any part thereof, The expression 'for such State or any part thereof' occurring in article 246(3) of the Constitution of India cannot be taken to import into entry 54 of II List the restriction that the sale or purchase referred to must take place within the territory of that State. All that it means is that the laws which a State is empowered to make must be for the purposes of that State, State of Bombay v. United Motors (India) Ltd., AIR 1953 SC 252: (1953) SCR 1069.For the most part, means more than half, Reg. v. H.M. Treasury, Ex parte Cambridge University (ECJ), (2001) 1 WLR 2514.For the purpose of business, amount spent on third persons who have no connection with petitioner's business. Such expenditure cannot said to be for the purpose of rationalisation of administration or modernization of machinery or for preservation of business or for protecting its assets and property, C.I.T. v. Malayalam Plantation Ltd., AIR 1964 SC 1722 [Income Tax Act, 1961]Occurring ...
Funds, public
Funds, public, the name given to the public funded debt due by Government. The practice of borrow-ing money to defray a part of the war expenditure began, with us, in the reign of William III. In the infancy of the practice it was customary to borrow upon the security of some tax, or portion of a tax, set apart as a fund for discharging the principal and interest of the sum borrowed. This discharge was rarely effected. The public exigencies still continuing, the loans were continued, or the taxes again mortgaged for fresh ones. At length the practice of borrowing for a fixed period, or, as it is called, upon terminable annuities, was abandoned, and loans made upon interminable annuities, or until it might be convenient for the Government to pay off the principal. Such loans are called Funded Debt, or 'The Funds'; loans for a fixed period are said to be 'Unfunded'.In the beginning of the funding system the term 'fund' meant the taxes or funds appropriated to the discharge of the princip...
Vote of credit
Vote of credit, in England, in conditions of National Emergency or War Parliament is called for to pass a vote of credit as it is impossible to draw up a detailed estimate of expenditure, however, votes of credit are regarded as undesirable in principle, Office of the Speaker in the Parliament of Commonwealth Wilding and Philip Laundy, p. 256.Vote of credit, the Lok Sabha in Indian Parliament is authorized to make grant known as vote of credit for meeting an unexpected demand for money when the demand cannot be stated with details due to the magnitude or the indefinite character of the service, Constitution of India, Art. 116....
Local Improvements
Local Improvements. By the (English) Public Improvements Act, 1860 (23 & 24 Vict. c. 30), a majority of two-thirds of the rate payers of any parish or district may, by 'adopting' that Act rate their district in aid of certain public improvements (e.g., public walks, playgrounds, etc.) for general benefit within their district. Half the proposed expenditure must have been privately subscribed, and the rate must not exceed sixpence in the pound. The power of adopting and exercising the Act for a rural parish is vested in the parish council (if any) of that parish, bys. 7 of the (English) Local Government Act, 1894 (67 & 57 Vict. c. 73)....
Non lapsable fund
Non lapsable fund, [Prasar Bharti (Broadcasting Corporation of India) Act, 1990 (25 of 19990), s. 2(p)]--means the fund created from the commercial revenues of Akashwani and Doordarshan to need expenditure on certain schemes....
Other similar services
Other similar services, See, Federation of Hotels & Restaurant Assn of India v. Union of India, AIR 1990 SC 1637: (1989) 3 SCC 634. [Expenditure Tax Act, 1987, s. 5(d)]...
Paid out of the consolidated fund
Paid out of the consolidated fund, the words 'paid out of the consolidated fund' denote the source from which the expenditure will be met, H.H. Maharajadhiraja Madhav Rao Jivaji Rao Scindia Bahadur of Gwalior v. Union of India, AIR 1971 SC 530: (1971) 1 SCC 85: (1971) 3 SCR 9....
Profit
Profit, connotes the idea of pecuniary gain, Shivamurthy Swami v. Agadi Sanganna Andanappa, 1971 (3) SCC 870; Revenna Subanna v. GS Kaggerappa, AIR 1954 SC 653.Means whatever the company finally earns after deducting all the expenditure and it goes to the company, State of Maharashtra v. Chandrakant Solanki, 1995 Cr LJ 832.Primarily means the arithmetical excess of the price received over the total of all costs incurried by the seller. It is again made in business, profession of vocation when both the receipts and payments are taken into consideration, Rajkishen Prem Chandra Jain v. C.I.T., AIR 1959 Punj....
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