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Home Dictionary Name: netNet wealth
Net wealth, 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, Commissioner of Wealth Tax v. Bishwanath Chatterjee, AIR 1976 SC 1492 (1494): (1976) 3 SCC 385: (1976) 3 SCR 1096. [Wealth Tax Act, 1957, ss. 2(m) and 21(5)]It means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date which have been incurred in relation to the said assets. [Wealth-tax Act, 1957 (27 of 1957), s. 32 (m)]A coparcenary has unity of possession but not unity of owners...
Net 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...
Net annual income
Net annual income, 'net annual income', in relation to a wakf, means net annual income determined in accordance with the provisions of the Explanations to sub-s. (1) of s. 72. [Wakf Act, 1995 (43 of 1995) s. 3(j)]...
Net profits
Net profits, clear profits after all deductions, see Watson v. Haggitt, 1928 AC 127. [s. 42, Indian Trusts Act]Net profits, the 'net profits' means the divisible profits and are to be ascertained after deduction of excess profits tax which is payable by the assessee, CIT v. Delhi Flour Mills Co. Ltd., AIR 1959 SC 185 (188): 1959 Supp (1) SCR 28. [Excess Profits Tax Act, 1940, s. 4]...
net profit after taxes
net profit after taxes A company's net profit before taxes, minus federal, state or local income or franchise taxes ...
net profit before taxes
net profit before taxes Net sales or total receipts of a business minus all expenses except taxes ...
net worth
net worth : the excess of the value of assets over liabilities : net assets at asset ...
net worth method
net worth method : a method used by the Internal Revenue Service to detect and calculate tax evasion in which the change in a taxpayer's net worth is compared to reported taxable income taking into account living expenses, allowable deductions and exemptions, and nontaxable income ...
Netting
The act or process of making nets or network or of forming meshes as for fancywork fishing nets etc...
Net veined
Having veins or nerves reticulated or netted as a net veined wing or leaf...
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