Gross Total Income - Law Dictionary Search Results
Home Dictionary Name: gross total income Page 1 of about 12 results (0.004 seconds)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)....
Such income by way of dividends
Such income by way of dividends, the words 'such income by way of dividends' in s. 80M of Income Tax Act, is referable not only to the category of income included in the gross total income but also to the quantum of the income so included. On a plain grammatical construction, it is obvious that the words 'such income by way of dividends' must have reference to the income by way of dividends mentioned earlier and that would be income by way of dividends from a domestic company which is included in the gross total income, Disributors (Baroda) Pvt. Ltd. v. Union of India, AIR 1985 SC 1585: (1986) 1 SCC 43: (1985) Supp 1 SCR 778....
Investment company
Investment company, an 'investment company' was defined in s. 109(i) of the Act as meaning a com-pany whose business consisted wholly or mainly in the dealing in or holding of investments. The statutory percentage in the case of an investment company (whether Indian company or not) was fixed at 90 per cent by S. 109 (iii)(1) of the Act. It is significant that even in this Act, the restricted definition of the expression 'investment company' as appearing in s. 372(11) of the Companies Act, 1956 was not adopted by the Legislature. By Finance Act, 1966, which came into force with effect from April 1, 1966, the meaning of the term 'investment company' was clarified by amending clause (ii) of S. 109 and providing therein that investment company meant a company whose gross total income consisted mainly of income which, if it had been the income of an individual, would have been regarded as unearned income, Nawn Estate (P) Ltd. v. CIT, AIR 1977 SC 153 (161): (1977) 1 SCR 798: (1977) 1 SCC 7.I...
revenue
revenue often attrib 1 : the total income produced by a given source [a property expected to yield a large annual ] 2 : the gross income returned by an investment 3 : the yield of sources of income (as taxes) that a political unit (as a nation or state) collects and receives into the treasury for public use 4 : a government department concerned with the collection of national revenue ...
back end ratio (debt ratio)
back end ratio (debt ratio) a ratio that compares the total of all monthly debt payments (mortgage, real estate taxes and insurance, car loans, and other consumer loans) to gross monthly income. Source: U.S. Department of Housing and Urban Development ...
deduction
deduction 1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also Internal Revenue Code in the Important Laws section compare credit, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
taxable income
taxable income : income that is subject to taxation and is characterized by the accrual of some gain or benefit to the taxpayer ;specif : the total amount of income remaining as the basis of taxation for a given period after all allowable deductions have been applied to gross income ...
loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
Turnover
Turnover, in laws dealing with Sales Tax, 'turnover' includes tax in calculating the total turnover, there is nothing wrong in treating the tax as part of the turnover, because, 'turnover' means the amount of money which is turned over in the business, George Oakes (P) Ltd. v. State of Madras, AIR 1962 SC 1352.Turnover is defined to mean: 'the aggregate amount for which goods are bought or sold or supplied or distributed by a dealer either directly or through another on his own account or on account of others whether for cash or for deferred payment or for other valuable consideration, Joint Commercial Tax Officer v. Young Men's Association (Regd.), AIR 1970 SC 1212 (1215): (1970) 1 SCC 462: (1970) 3 SCR 680.Turnover means an aggregate amount for which goods are either bought by or sold by a dealer, whether for a cash or for deferred payment or other valuable consideration, State of Andhra Pradesh v. H. Abdul Bakhi and Brothers, AIR 1965 SC 531 (532): (1964) 7 SCR 664. [Hyderabad Gener...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
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