Income - Law Dictionary Search Results
Home Dictionary Name: income Page: 2Such doubly taxed income
Such doubly taxed income, the word 'such doubly taxed income' has reference to the foreign income which is again being subjected to tax by its inclusion in the computation of the income under the Act and not the same income under an identical head of income under the Act, K.V.A.L.M. Ramanathan Chettiar v. CIT, AIR 1973 SC 2172 (2181): (1973) 3 SCC 351: (1973) 2SCR 650....
disposable income
that portion of income which is available for spending on discretionary purchases for individuals it is usually calculated as total income less taxes National disposable income which is the disposable income of all individuals and businesses is calculated as total national income minus taxes plus transfer payments...
Escaped income
Escaped income, it would be difficult to confine the meaning of the word 'escape' only to cases where no return has been submitted by the assessee. Even if the assessee has submitted a return of his income, cases may well occur where the whole of the income has not been assessed and, such part of the income as has not been assessed can well be regarded as having escaped assessment, Maharaj Kumar Kamal Singh v. C.I.T., AIR 1959 SC 257 (261): 1959 Supp (1) SCR 10. (Income-tax Act, 1922, s. 34)...
Income in respect of a decedent
Income in respect of a decedent, means income earned by a person, but not collected before death. This income is included in the decedent's gross estate for estate-tax purposes. For income-tax pur-poses, if is taxed to the estate, or, if the estate does not collect the income, it is taxed to the eventual recipient, Black's Law Dictionary, 7th Edn., p. 767....
Net income
Net income, in matrimonial jurisprudence the expression would normally mean total income derived less the cost of collection and other compulsory payments such as Income-tax etc. It does not mean net income after giving deduction for all the expenses incurred by the husband. Expenses which are to be deducted must have some relation or connection with the source of income, D. Thankaraj v. M.C. Pushpa Rose, AIR 1986 Ker 23....
Total income
Total income, the expression 'total income' is defined in s. 2(45) of the Income Tax Act, 1961 as meaning the total amount of income referred to in s. 5 computed in the manner laid down in this Act, Cambay Electric Supply Industrial Co. Ltd. v. Commissioner of Income Tax, AIR 1978 SC 1099: (1978) 2 SCC 644: (1978) 3 SCR 660....
It shall be lawful
It shall be lawful, according to s. 105(1) of the Companies Act, 1913 'It shall be lawful for a company to pay a commission to any person in consideration of his subscribing' for shares in it. The words 'it shall be lawful' are enabling words. They are used in a statute when it is intended to permit something to be done which previously could not legally be done, Madanlal Fakirchand Dudhediya v. Shree Changdeo, AIR 1962 SC 1543 (1557): 1962 Supp (3) SCR 973. [Companies Act, 1913, s. 105(1)]...
Income and deemed income
Income and deemed income, the expression 'income' as used in s. 69A of the Act, has wide meaning which meant anything which came in or resulted in gain, Chuharmal Takarmal Mohnani v. CIT, AIR 1988 SC 1384: (1988) 3 SCC 588: (1988) 3 SCR 788....
Income as returned
Income as returned, the words 'income as returned' means income as disclosed or shown in the return filed under s. 22, Mansukhlal v. CIT, AIR 1966 SC 835 (839). [Income-tax Act, 1922, s. 28(1) (c)]...
Rate applicable to the total income of the company
Rate applicable to the total income of the company, the expression 'rate applicable to the total income of the company' meant the rate actually applied. The clause referred to the specific or definite rate which was determined to be applicable to the taxable income of the company for that specific year and not to the rate prescribed by the Act for the relevant year generally in reference to incomes of companies, Rajputana Agencies Ltd. v. Commissioner of Income Tax, AIR 1959 SC 265: (1959) Supp 1 SCR 142....
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