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Home Dictionary Name: know it all Page: 3Net wealth tax
Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...
Tax and fee-distinction
Tax and fee-distinction, a tax is a compulsory exaction of money by a public authority for public purposes enforceable by law and is not payment 'for services rendered'. This definition brings out the essential characteristics of a tax as dis-tinguished from other forms of imposition which, in a general sense, are included within it. The essence of taxation is compulsion, that is to say, it is imposed under statutory power without the taxpayer's consent and the payment is enforced by law. The second characteristic of tax is that it is an imposition made for public purpose without reference to any special benefit to be conferred on the payer of the tax. On the other hand A fee is generally defined to be a charge for a special service rendered to individuals by some govern-mental agency. But the traditional view that there must be actual quid pro quo has undergone a sea change with the passage of time. Correlation-ship between the levy and the services rendered/expected is one of general...
Income or net income
Income or net income, Income is money or other benefit periodically received. It is profit or revenue and not capital. It is gain derived from capital or labour or both. Net income is income obtained after deducting all expenses incurred for the purpose of earning the income. It is income minus operating expenses, D.C.M. v. S. Paramjit Singh, AIR 1990 SC 2286 (2288). [J&K Houses and Shops Rent Control Act, 1966, s. 1(3)(iii)]...
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...
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....
Tax and taxation
Tax and taxation, the word 'tax' in its widest sense includes all money raised by taxation. It therefore includes taxes levied by the Central and the State legislatures, and also those known as 'rates', or other charges, levied by local authorities under statutory powers. 'Taxation' has been defined in clause (28) of Article 366 of the Constitution to include 'the imposition of any tax or impost, whether general or local or special', and it has been directed that 'tax' shall be 'construed accordingly', D.G. Gouse and Co. v. State of Kerala, AIR 1980 SC 271 (275): (1980) 2 SCC 410: (1980) 1 SCR 804....
In all respects
In all respects, means in a contract, by the owner of a park, allowing the car owners to park their cars in the private property of the park-owner, he stipulated that he would not be responsible for the safe custody of any cars or articles therein nor for any damage to the cars or articles, however caused, nor for any injuries to any persons, all cars being left in all respect entirely at their owners.The expression 'in all respects' was interpreted wide enough to show that whatever might be done with regard to that car, the owner took the risk of its happening or of its being done. The position, therefore, would be that he should not hand over the car to any body but the true owner, and if the servant in the performance of the duty performs it negligently, and, acting under a misapprehension which a little more care might have prevented, hands over the car to the wrong person, that is one of the risks which on the true construction of documents, the car-owner took, Asbhy v. Tolhurst, ...
Once and for all
Once and for all, the expression 'once and for all' was used to denote an expenditure which is made once and for all for procuring an enduring benefit to the business as distinguished from a recurring expenditure in the nature of operational expenses, CIT v. Coal Shipment (P) Ltd., AIR 1972 SC 541: (1971) 3 SCC 736: (1972) 1 SCR 1089....
tax certificate
tax certificate : a certificate issued to the purchaser of property at a tax sale that certifies the sale and entitles the purchaser to a tax deed upon expiration of the period for right of redemption if all taxes and charges have been paid [voided the tax certificate when it was determined that the original owner was exempt from paying the delinquent taxes] called also tax sale certificate compare tax deed at deed ...
Tax admitted
Tax admitted, the expression 'tax admitted' in the proviso to s. 9(1) of the U.P. Sales Tax Act, 1948 means that admitted in the memorandum of appeal, s. 9 can be made wholly useless. All that an assessee has to do is not to admit his liability in the memorandum of appeal, whatever his stand might have been before the assessing authority. Ordinarily no interpretation should be placed on a provision which would have the effect of making the provision either otios or a dead letter. Further, to find out the true meaning of the expression 'tax admitted' one must take into consideration the remaining words of the proviso namely 'or such instalments thereof as may become payable'. Those words furnish a key to the interpretation. If one of the conditions for maintainability of the appeal is payment of the instalments which have become payable under r. 41(2), it means that the admission that has got to be taken into consideration is that made before the assessing authority and not before the a...
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