Tax Exempt - Law Dictionary Search Results
Home Dictionary Name: tax exempttax-exempt
tax-exempt 1 : exempted from taxation ;also : based on such exemption [ status] 2 : providing interest or income that is exempted from taxation [a municipal bond] ...
Tax exempt
Tax exempt, is not legally subject to taxation, Black's Law Dictionary, 7th Edn., p. 1474....
tax-free
tax-free : tax-exempt ...
exemption
exemption 1 : the act of exempting or state of being exempt 2 : one that exempts or is exempted: as a : an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also Internal Revenue Code in the Important Laws section compare deduction, exclusion, tax credit de·pen·den·cy exemption [də-pen-dən-sē-] : an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) NOTE: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. per·son·al exemption : an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b : the right created by federal and state laws to exempt specified types of property from a bankruptcy estate [pre...
Exemption
Exemption, immunity; freedom from imposts; a privilege to be free from service or appearance.Freedom from a duty, liability or other requirement, Black's Law Dictionary, 7th Edn., p. 594.The words 'exemption' or other modification are wide enough to enable the Central Government to give rebate such as has been allowed under the Concession Order, Commissioner of Income Tax v. Anant Rao B. Kamat, AIR 1966 SC 279: (1964) 8 SCR 263.Is the freedom or release from a liability, obligation, Webster American Dictionary, p. 405.Under the Constitution of India execution is available to the property of the Union from State taxation, Constitution of India, Art. 285.Is available from taxes on electricity, Constitution of India, Art. 287.Applies only to the extent the trade or business is incidental to the ordinary functions of the Govern-ment, Constitutions of India, Art. 289(3).Is the privilege of being excepted, excused, freed from the operation of a law, A Dictionary of Law, William C. Anderson, ...
Exemption provision
Exemption provision, an 'exemption provision' is like an exception and on normal principle of construction or interpretation of statutes it is construed strictly either because of legislative intention or on economic justification of inequitable burden or progressive approach of fiscal provisions intended to augment state revenue, Union of India v. Wood Papers Ltd., AIR 1991 SC 2049 (2051): (1990) 4 SCC 256....
exemptions, exempt property
exemptions, exempt property Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in. Source: Administrative Office of the U.S. Courts ...
Land-tax
Land-tax, means a tax laid upon land and houses, which in 1689 (1 Will. & Mary, c. 3) superseded all the former methods of taxing either property or persons in respect of their property, whether by tenth or fifteenths, subsidies on land, hydages, scutages, or talliages. Although generally a charge upon a landlord, yet it is a tax neither on landlord nor tenant, but on the beneficial proprietor, as distinguished from the mere tenant at rack-rent; and if a tenant have to any extent a beneficial interest, he becomes liable to the tax pro tanto, and can only charge the residue on his landlord. Houses and buildings appropriated to public purposes are not liable to land-tax. As to its origin and inequality, see 3 Hall. Cons. Hist. 135; Miller on the Land-tax; Bourdin on Land-tax.The more agricultural counties, upon which the burden of the tax has fallen most heavily by reason of the depreciation in value of agricultural land, were greatly relieved by s. 31 of the (English) Finance Act, 1896,...
Exemption
The act of exempting the state of being exempt freedom from any charge burden evil etc to which others are subject immunity privilege as exemption of certain articles from seizure exemption from military service exemption from anxiety suffering etc...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
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