Tax Credit - Law Dictionary Search Results

Home Dictionary Name: tax credit

child tax credit

child tax credit A tax credit available to people with children under the age of seventeen. ...

Input tax credit, or input tax rebate

Input tax credit, or input tax rebate, in relation to any period, means the setting off of the amount of input tax, or part thereof, by a registered dealer against the amount of his output tax. [The West Bengal Value Added Tax Act, 2003, s. 2(19)]...

tax credit

tax credit : an amount that may be subtracted from the sum of tax otherwise due and that is distinguished from a deduction applied to gross income in the calculation of taxable income compare exemption ...

unified credit

unified credit : a tax credit applied against the unified transfer tax that is a cumulative credit gradually reduced by the amount of credit allowed for gifts made in preceding calendar periods NOTE: The total unified credit allowed as of 1987 is $192,800. The amount of the credit to be used in each period cannot exceed that period's tax liability, and so the credit may be gradually used up over a period of years. The unified credit is phased out once the amount of taxable gifts rises above a certain level. ...

credit

credit 1 : recognition see also full faith and credit 2 a : the balance in an account which may be drawn upon and repaid later compare loan b : the use of resources (as money) in the present obtained by the debtor's promise to repay the creditor in the future usually with interest as compensation to the creditor and often secured by a pledge of property or the right to attach the debtor's income in case of a failure to repay see also consumer credit compare debt c : financial reputation [to borrow money on the of the United States "U.S. Constitution art. I"] d : letter of credit 3 a : a deduction from an expense or asset account b : a reduction of an amount otherwise due ;esp : tax credit [a for child-care expenses] compare deduction, exclusion, exemption vt 1 : to supply goods on credit to 2 : to trust in the truth of 3 a : to enter upon the credit side of an account b : to place an amount to the credit of [ his account with ten dollars] ...

Credit-brokerage

Credit-brokerage, means the effecting of introduc-tions (a) of individuals desiring to obtain credit to persons carrying on any business so far as it relates to the provision of credit; or (b) of individuals desiring to obtain goods on hire to persons carrying on a business which comprises or relates to the bailment of goods under a contract for the hire of goods; or (c) of individuals desiring to obtain credit, or to obtain goods on hire, to other credit-brokers, Supply of Goods and Services Act, 1982, s. 18(1) (UK), Halsbury's Laws of England, Vol. 2, para 1855, p. 873...

Entering short

Entering short. When bills not due are paid into a bank by a customer, it is the custom of some bankers not to carry the amount of the bills directly to his credit, but to 'enter them short,' as it is called, i.e., to note down the receipt of the bills, their amounts, and the times when they become due in a previous column of the page, and the amounts when received are carried forward into the usual cash column. See Giles v. Perkins, (1807) 9 East 13. Sometimes, instead of entering such bills short, bankers credit the customer directly with the amount of the bills as cash, charging interest on any advances they may make on their account, and allow him at once to draw upon them to that amount. If the banker becomes bankrupt, the property in bills entered short, and not credited to the customer unless by way of advance, does not pass to his trustee, but the customer is entitled to them if they remain in his hands, or to their proceeds, if received, subject to any lien the banker may have...

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