Surplus - Law Dictionary Search Results
Home Dictionary Name: surplussurplus
surplus 1 a : an amount that remains when a use or need is satisfied b : an excess of receipts over disbursements c : the value of assets after subtracting liabilities 2 : an excess of the net worth of a corporation over the par value of its capital stock compare undivided profits capital surplus : all surplus other than earned surplus earned surplus : the surplus that remains after deducting losses, distributions to stockholders, and transfers to capital stock accounts paid-in surplus : surplus resulting from the sale of stock at amounts above par ...
Allocable surplus
Allocable surplus, means-(a) in relation to an employer, being a company other than a banking company which has not made the arrangements prescribed under the Income-tax Act for the declaration and payment within India of the dividends payable out of its profits in accordance with the provisions of s. 194 of that Act, sixty-seven per cent of the available surplus in an accounting year. (b) In any other case, sixty per cent of such available surplus. [Payment of Bonus Act, 1965 (21 of 1965), s. 2 (4)]...
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)]...
Utilisation of surplus area
Utilisation of surplus area, the s. empowers the State Government or its authorised officer to 'utilise' any 'surplus area' for the resettlement of tenants, the Act does not define what is meant by an order of utilisation under the s. A clue to what is actually meant by that expression, is however to be found clause (b) s. 10A which provides as follows: 10-A(b). Notwithstanding anything contained in any other law for the time being in force and save in the case of land acquired by the State Government under any law for the time being in force or an heir by inheritance no transfer or other disposition of land which is comprised in surplus area at the commencement of this Act, shall affect the utilisation thereof in clause (a), Financial Commissioner v. Kala Devi, AIR 1980 SC 309 (310): (1980) 1 SCC 77: (1980) 1 SCR 1120. [Punjab Security of Land Tenures Act (10 of 1953), s. 10A and s. 10B]...
capital surplus
capital surplus see surplus ...
earned surplus
earned surplus see surplus ...
paid-in surplus
paid-in surplus see surplus ...
surplus line
surplus line : of, relating to, or being insurance provided by a company not authorized to do business in the state except through a specially licensed broker NOTE: Surplus line insurance can only be purchased if efforts to acquire suitable insurance from authorized companies are unsuccessful. ...
Surplus area
Surplus area, means the area other than the reserved area is defined as 'surplus area', Gurbax Singh v. State of Punjab, AIR 1967 SC 502....
Surplus, surplusage
Surplus, surplusage, a supernumerary part, an overplus, what remains when everything is satisfied.The word 'surplus' has the technical meaning which arises from the Insurance Act which is made applicable for purposes of valuation by s. 43 of the Life Insurance Corporation Act read with Notification No. GSR 734, dated 23-8-1958. Life Insurance Corporation of India v. S.V. Oak, AIR 1965 SC 975: (1965) 1 SCR 403.The remainder of a thing; the residue or excess, Black's Law Dictionary, 7th Edn., p. 1456...
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