Net Income - Law Dictionary Search Results
Home Dictionary Name: net income Page 1 of about 30 results ( seconds)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)]...
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 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....
net income
net income : the balance of gross income remaining after all allowable deductions and exemptions are taken ...
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...
Earned surplus
Earned surplus, it represents a specific account into which are added the net profits of the year and appropriations are made out of it and the balance is regarded as 'earned surplus' at the end of the year. This account is specifically allocated for utilisation for the purpose of business year after year. It is an account in which the net profits less the appropriations are added, and the account is intended for application in extending the business of the assessee company. The amounts entered in the account 'earned surplus' cannot be regarded as mere unallocated profits at the end of the accounting year, CIT v. Standard Vacuum Oil Company, AIR 1966 SC 1393: (1966) 2 SCR 367. [Business Profits Tax Act, 1947, Sch. II, R. (2) and (3)]...
income tax
income tax : a tax on the net income of an individual or a business compare excise, property tax ...
Nikasi
Nikasi, the words Nikasi means the gross income as distinguished from the net income, AIR 1924 Oudh 92....
profit
profit 1 : gain in excess of expenditures: as a : the excess of the selling price of goods over their cost b : net income from a business, investment, or capital appreciation compare earnings, loss 2 : a benefit or advantage from the use of property see also mesne profits, profit a prendre compare easement, right of way, servitude ...
return on average common equity
return on average common equity net income available to common stockholders, as a percentage of average common stockholder equity. Source: U.S. Department of Housing and Urban Development ...
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