Revenue Year - Law Dictionary Search Results
Revenue year
Revenue year, means the Bengali year commencing on the first day of Baisakh. [Kolkatta Land Revenue Act, 2003, s. 2(l)]...
Revenue
Revenue, income, annual profit received from land or other funds; also money at the disposal of the Crown, i.e., the executive. The chief sources are (1) Crown property, surrendered to the nation; (2) taxation--income tax, death duties, customs and excise, stamp duties; (3) certain managed enter-prises, such as the Post Office, and Lands, Woods and Forests and miscellaneous holdings such as shares in the Suez Canal, and other profits or fiscal prerogatives of the Crown.See Halsb. Encycl. Laws of England, tit. 'Revenue'; Chitty's Statutes, tits. 'Customs,' 'Property Tax,' 'Death Duties,' 'Stamps,' and 'Revenue.'Revenue causes were peculiarly within the province of the court of Exchequer; the practice of which Court in matters of revenue was regulated by the Queen's Remembrancer Act, 1859 (22 & 23 Vict. c. 21), ss. 9 et seq., and the Crown Suits Act, 1865 (28 & 29 Vict. c. 104).The jurisdiction of the Court of Exchequer was transferred to the High Court of Justice ((English) Jud. Act, 18...
Revenue deficit
Revenue deficit, means difference between revenue expenditure and revenue receipts which indicates increase in liability of the State Government without corresponding increase in assets of the Government. [Gujarat Fiscal Responsibility Act, 2005, s. 2(g)]Means the amount of excess of revenue expenditure over revenue receipts in a financial year. [Rajasthan Agricultural Produce Market Act, 2005, s. 2(m)]Means the difference between revenue expediture and revenue receipts of the State Government [Madhya Pradesh Rajkoshiya Uttardayitva Avam Budget Prabandhanam Adhiniyam, 2005, s. 2(i)]Means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets of that Govern-ment. [Fiscal Responsibility and Budget Manage-ment Act, 2003 (39 of 2003), s. 2(e)]...
Customs
Customs, duties charged upon commodities on their importation into, or exportation out of, a country. They seem to have existed in England before the Conquest, but the king's claim to them was first established by grant of Parliament in the reign of Edward I. These duties were at first, principally laid on wool, woolfels (sheep-skins) and leather when exported. There were also extraordinary duties paid by aliens both on export and import, which were denominated parva custuma, to distinguish them from the former, or magna custuma. The duties of tonnage and pound-age, of which mention is so frequently made in English history, were customs duties; the first being made onwine by the tun, and the latter being ad valorem duty of so much a pound on other merchandise. When these duties were granted to the Crown they were denominated subsidies, and as the duty of poundage had continued for a lengthened period at the rateof 1s. a pound, or five percent., a subsidy came, in the language of the cu...
Budget
Budget, In U.K. budget is presented soon after the beginning of the financial year by the chancellor of exchequer. His annual financial statement known as Budget deals with resources of the country, estimates of probable income and expenditure and fresh tax proposals, Parliamentary Practice, Erskine May, 22nd Edn., 2001.Budget, is the annual estimate of revenue and expenditure of a country, Oxford Advanced Learner's Dictionary of Current English, A.S. Hornby, 2002, p. 155.Budget, is a periodic assessment of and programmes for national revenue and expenditure, proposed by Government and presented to Parliament, Chambers 21st Century Dictionary, p. 183.Budget, refer to the statement of the estimated receipts and expenditure of the Government of India known as annual financial statement, it is caused to be laid before both Houses of Parliament by the President in respect of every financial year on such day as he may direct, Constitution of India - Article 112, Rules of Procedure and Condu...
Fiscal deficit
Fiscal deficit, means the excess of total disbursement from the consolidated fund of the State (excluding repayment of debt) over the sum of revenue receipts, recovery of loans and non-debt capital receipts into the fund during a financial year, Rajasthan Agricultural Produce Markets Act, 2005, s. 2(f).Means the excess of total disbursements, from the Consolidated Fund of India, excluding repayment of debt, over total receipt into the fund (excluding the debt receipts), during a financial year, Fiscal Responsibility and Budget Management Act, 2003, s. 23(a).Means excess of total expenditure of State Govern-ment over the total non-debt receipt and thus represents those borrowing requirement, net of repayment during the year which needs to be serviced by way of internet and principal repayment, Maharashtra Fiscal Responsibility and Budgetary Management Act, 2005, s. 2(c).Means the excess of total disbursements from the consolidated fund of the State (excluding repayment of debt) over tot...
Inland revenue
Inland revenue. That portion (by far the largest) of the public revenue (which is derived from the taxation of home commodities and duties on property and income, houses, stamps, probates, legacies, etc., as distinguished from the portion derived by customs duties (see CUSTOMS) from imported commodities-such as foreign wine and spirits, tea, etc. It is supervised by (English) Inland Revenue Commissioners (the number of whom, now four, is not limited by statute, and the quorum of whom is two), and a large number of enactments relating to its regulation are contained in the consolidating Inland Revenue Regulation Act, 1890 (53 & 54 Vict. c. 21). By s. 39 of that Act 'inland revenue' means 'the revenue of the United Kingdom collected or imposed as stamp duties, taxes, and duties of excise.' (see that title), 'and placed under the care and management of the Inland Revenue Commissioners.' By 8 Edw. 7, c. 16, the management of excise duties were transferred to the Commissioners of Customs an...
Khoti land
Khoti land, Khotis in the district of Kolaba are hereditary farmers of land revenue and are entitled to hold villages as khotis on their entering every year into the customary kabulayat. According to Molesworth's Dictionary 'khot' means: 'a renter of village, a farmer of land or revenue, a farmer of the customs, a contractor or monopolist; an hereditary officer whose duty it is to collect the revenue of the village for Government, also an officer appointed for this office; a tribe of Brahmins in the Southern Konkan', Shyam Sunder Tikam Shet v. State of Maharashtra, (1969) 2 SCC 217: AIR 1970 SC 381 (383). [Bombay Khoti Abolition Act, 1949 (6 of 1950), ss. 10 and 12]...
Hawkers and pedlars
Hawkers and pedlars, persons who carry their goods from place to place for sale. In 1810 (50 Geo. 3, c. 41), imposed a licence duty on them and made various provisions in regard to their trade. After many amending Acts (see, e.g., 52 Geo. 3, c. 108, 26 & 27 Vict. c. 18, Sched. B, 22 & 23 Vict. c. 36) the (English) Hawkers Act, 1888 (51 & 52 Vict. c. 33), has regulated the business of hawkers, defining, for the purposes of the Act, a hawker as a person who travels about selling or exposing samples with a horse or other beast bearing or drawing burden, the Pedlars Act, 1871 (34 & 35 Vict. c. 96), for regulating the business of peddlers, having already defined a peddler for the purposes of that Act as a person traveling about selling or procuring orders for goods or selling his skill in handicraft, without a horse, etc. see Woolwich Local Board v. Gardiner, (1895) 2 QB 497.A hawker's licence costs 2l. a year, and except by way of renewal of a licence for the year immediately preceding, is...
Man, Isle of
Man, Isle of (Mona), in the Irish Sea, off the coast of Cumberland, Westmoreland, and Lancashire, granted by Henry the Fourth and James the First to members of the Stanley family, whose successor in the female line, the Duke of Athol, sold it to the Crown for 70,000l., being about ten years' purchase of the annual revenue, by the Isle of Man Purchase Act, 1765 (5 Geo. 3, c. 26).The Isle of Man is not subject to British Acts of Parliament unless expressly named therein (as in the Customs Acts, for the purposes of which, by s. 277 of the Customs Consolidation Act, 1876, it is deemed part of the United Kingdom), being legislated for by its own Parliament, called the House of Keys, but an Isle of Man (Customs) Act, is passed every year by the Imperial Parliament....
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