Gross - Law Dictionary Search Results

Home Dictionary Name: gross

gross

gross [Middle English, immediately obvious, from Middle French gros thick, coarse, from Latin grossus] 1 : flagrant or extreme esp. in badness or offensiveness : of very blameworthy character [a violation of the rules of ethics] [a abuse of trust] 2 : consisting of an overall total exclusive of deductions [ annual earnings] compare net gross·ly adv gross·ness n n : overall total exclusive of deductions in gross 1 : as a lump sum see also lump sum alimony at alimony 2 : independently existing, belonging to a person, and not attached to land see also easement in gross at easement vt : to earn or bring in (an overall total) exclusive of deductions (as for taxes or expenses) ...

gross income

gross income : all income derived from any source except for items specifically excluded by law NOTE: Section 61 of the Internal Revenue Code lists fifteen nonexclusive items that should be included in gross income. They are (1) compensation for services, including fringe benefits and commissions; (2) gross income derived from business; (3) gains derived from dealings in property; (4) interest; (5) rents; (6) royalties; (7) dividends; (8) alimony and separate maintenance payments; (9) annuities; (10) income from life insurance and contracts for endowment insurance; (11) pensions; (12) income from discharge of a debt; (13) distributive share of partnership gross income; (14) income received (as by an estate or heir) by reason of a person's death; and (15) income from an interest in an estate or trust. ...

adjusted gross income

adjusted gross income : an individual's gross income decreased by the amount of deductions allowed esp. for business expenses ...

modified adjusted gross income

modified adjusted gross income There are different definitions for different purposes. It is usually the adjusted gross income with various items added back in. ...

Gross

Gross, absolute, entire. A thing in gross exists in its own right, and not as an appenuage to another thing....

Gross rent

Gross rent, means not only the rent which the land-lord could get in lieu of his enjoyment of the property assigned to the tenant but also all other charges incidental thereto. Service charge can be taken into account while determining gross rent, Calcutta Municipal Corporation v. Damodar Ropeways and Construction Co. Pvt. Ltd., AIR 2007 (NOC) 1178 (Cal) [Calcutta Municipal Corporation Act, 1980, s. 174(1)]....

Gross total income

Gross total income, in view of s. 47(viii), the com-pensation which become payable to the appellant as a result of the acquisition of its agricultural land in 1962, was totally exempt from s. 45. Con-sequently, it did not amount to 'income' within the scope of section 2(24)(vi) as there was no capital gain within the meaning of s. 45. It was also not to be included while computing the total income of the appellant as defined in s. 2(45) of the Act. Thus, the amount of compensation received by the appellant could not have formed part of the 'gross total income' within the meaning of section 109(iv) of the Act, Income Tax Act, 1961 ss. 2(24)(vi), 2(45), 45, 47(viii) and ss. 109(iv) & (i); Delhi Farming & Construction (P) Ltd. v. Commissioner of Income Tax Delhi, (2003) 5 SCC 36; Also Caradamom Marketing Co. (Trav.) Ltd. v. CIT, (1986) 158 ITR 621 (Ker)....

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