Finance Act 2011 Central Section 55 - Law Dictionary Search Results
Home Dictionary Name: finance act 2011 central section 55Finance Acts
Finance Acts. In and after 1894 the Annual Taxing Acts, which had for a long time borne the short titles of 'Customs and Inland Revenue Acts,' have borne the short titles of 'Finance Acts.' The Finance Act incorporates the Budget which is the Chancellor of the Exchequer's annual statement or report of the financial results of the past year, estimated expenditure and income of the coming year and proposals in regard to taxation. These proposals are passed into law by the Finance Act but are enforced as soon as a resolution of the Committee of Ways and Means agrees to them in order to prevent forestalling and anticipation in commodities. See Halsb. L.E., title 'Parliament (Ways and Means).'...
Act of Parliament
Act of Parliament, a law made by the sovereign, with the advice and consent of the Lords spiritual and temporal, and the Commons, in Parliament assembled (1 Bl. Com. 85); but, in the case of an Act passed under the provisions of the (English) Parliament Act, 1911, a law made by the sovereign 'by and with the advice and consent of the Commons in this present Parliament assembled in accordance with the provisions of the Parliament Act, 1911, and by authority of the same'; also called a 'statute.'Means a bill passed by two Houses of Parliament and assented to by the President and in the absence of an express provision to the contrary, operative from the date of notification in the Gazette, Handbook for Members of Rajya Sabha, April, 2002.Means an action; a thing done or established; a written law formally passed by the legislative power of a State; a Bill enacted by the legislature into a law, as distinguished from a bill which is in the form of draft of a law or legislative proposal pres...
Ranges Act, 1891
Ranges Act, 1891 (English) (54 & 55 Vict. c. 54), facilitated the acquisition of ranges by or for volunteer corps; the Military Lands Act, 1892 (55 & 56 Vict. c. 43), has repealed and superseded it with the exception of its 11th section, so far as it relates to acquisition of land under the Defence Acts. As to the right of an owner, whose lands are compulsorily taken, to be compensated for the injurious affection of his adjoining lands, see Blundell v. Rex, (1905) 1 KB 516, and Acquisition of Land (Assessment of Compensation Act), 1919, also particular statutory provisions...
Intestates Estates Act, 1884 (English)
Intestates Estates Act, 1884 (English) (47 & 48 Vict. c. 71), ss. 2 and 3, whereby administration for the Crown of the personal estate of an intestate is conducted on similar principles to those of an ordinary administration. The sections have been reproduced and amended by ss. 30 and 57, A.E. Act, 1925. The other provisions of the Intestates Estates Act,1884 (except s. 55), have been repealed by the A.E. Act, 1935. By the repealed s.s, when a person died intestate and without an heir, his estate, legal or equitable, in any incorporeal hereditament, and any equitable estate in any corporeal hereditament, escheated to the Crown. Provision was also made for the waiver of the rights of the Crown in certain cases. See ESCHEAT....
Corn Tax Abolition Act (English)
Corn Tax Abolition Act (English), 10 & 11 Vict. c. 46. This Act, however, left a duty of 1s. a quarter (measure) remaining-a duty repealed by the Customs and Inland Revenue Act, 1869 (32 & 33 Vict. c. 14), s. 4, reimposed under the guise of 3d. per cwt. By the Finance Act,1902 (2 Edw. 7, c. 7), s. 1, but taken off again by the Finance Act, 1903 (3 Edw. 7, c. 8) s. 1....
owner financing
owner financing a home purchase where the seller provides all or part of the financing, acting as a lender. Source: U.S. Department of Housing and Urban Development ...
Levy
Levy, may include both the process of taxation as well as the determination of the amount of tax or duty, S.K. Pattanaik v. State of Orissa, (2000) 1 SCC 413.The term 'levy' is wider in its import than term 'assessment'. It may include both 'imposition' as well as 'assessment' Imposition is generally used for levy of a duty or tax by legislative provisions indicating the subject-matter of levy and rate of levy. Levy of duty does not mean actual collection, Collector of Central Excise, Chandigarh v. Smith Kline Beecham Consumer Health Care Ltd., AIR 2003 SC 829. [see Central Excise Act, 1944 (1 of 1944)][fr. levo, Lat.], the act of raising money or men.Assessment and collection of income tax The expression 'levy, assessment and collection of income-tax' in section 13(1) of the Finance Act, 1950, was wide enough to comprehend re-assessment proceedings under section 34 of the Income Tax Act, 1922, Income Tax Officer v. K.N. Guruswamy, AIR 1958 SC 808: (1959) SCR 785.Levy under section 14(...
Betting
Betting. For definition and for s. 18 of the (English) Gaming Act, 1845 (8 & 9 Vict. c. 109), see WAGER.Bets are irrecoverable at law by virtue of s. 18 of the (English) Gaming Act, 1845, and the (English) Gaming Act, 1892 (55 & 56 Vict. c. 9). The latter statute gets rid of the decision in Real v. Anderson, (1884) 13 QBD 779; and see Tatam v. Reeve, (1893) 1 QB 44; and De Mattos v. Benjamin, (1894) 70 LT 560. In the case of a cheque given in payment of a gaming transaction the combined effect of s. 1 of the (English) Gaming Act, 1710 (9 Anne, c. 14), and ss. 1 and 2 of the (English) Gaming Act, 1835, was that if it was paid to any indorsee or holder, the amount so paid could be recovered by the drawer from the payee, Dey v. Mayo, (1920) 2 KB 346; Sutters v. Briggs, (1922) 1 AC 1. The Gaming Act, 1922, does away with this position.The (English) Betting Act, 1853 (16 & 17 Vict. c. 119)--as to which see Reg. v. Brown, (1895) 1 QB 119--elaborately provides for suppressing of houses, rooms...
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
Stamp duties
Stamp duties, a branch of the revenue. They are a tax imposed on all parchment and paper whereon certain legal proceedings and certain private ins-truments re written; and on licences for various purposes.The consolidating Stamp Act, 1870, superseded the very numerous older enactments [in great part repealed by the (English) Inland Revenue Repeal Act, 1870 (33 & 34 Vict. c. 90)] in regard to the duty on the various classes of instruments, but by s. 17 of the Stamp Act, 1870 (re-enacted by s. 14 of the Stamp Act, 1891), reversing the former law, see Buckworth v. Simpson, (1835) 1 CM&R 384, the stamp to be affixed to an unstamped document to render it admissible in evidence was not the stamp in accordance with the law at the time of affixing it, but the stamp in accordance with the law in force at the time when the document was first executed.Very important alterations in the law of stamps were effected by the Customs and Inland Revenue Act, 1888. Prior to that Act it was no offence not ...
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