Tax Due - Law Dictionary Search Results
Home Dictionary Name: tax dueTax due
Tax due, means the amount of tax which remains unpaid after the expiry of the date specified in the notice of demand issued in this behalf under this Act or the rules made thereunder. [West Bengal Value Added Tax Act, 2003, s. 2(46)]Tax due, refers to an ascertained liability. However the meaning of the Words 'taxes due' will ultimately depend upon the context in which these words are used, Harshad Shantilal Mehta v. Custodian, AIR 1998 SC 2291. [See also Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, s. 11(2)(a)]Tax due, usually refers to an ascertained liability, Harshad Shantilal Mehta v. Custodian, (1998) 5 SCC 1....
lien
lien [Anglo-French, bond, obligation, literally, tie, band, from Old French, from Latin ligamen, from ligare to bind] : a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the parties or esp. by operation of law ;specif : a security interest created esp. by a mortgage assessment lien : a lien that is on property benefiting from an improvement made by a municipality and that secures payment of the taxes assessed to pay for the improvement attachment lien : a lien acquired on property by a creditor upon levy of an attachment car·ri·er's lien : a lien against freight conferring on the carrier the right to retain the property until the amount due is paid charging lien : a lien attaching to a judgment or recovery awarded to a plaintiff and securing payment of the plaintiff's attorney's fees and expenses called also special lien choate lien : a lien that requires no further action to be made enforceable and th...
Sergeanty, or Seargeanty, or Searjeanty, or Serjeanty
Sergeanty, or Seargeanty, or Searjeanty, or Serjeanty, a service anciently due to the Crown for lands held of it and which could not be due to any other lord. It was divided into grand and petit. See TENURE....
Due
Due [fr. du, Fr.], anything owing. That which one contracts to pay or perform to another; that which law or justice requires to be paid or done.It should be observed that a debt is said to be due the instant that it has existence as a debt; it may be payable at a future time.Due, normally refers to an amount which the creditor has a right to recover, State of Kerala v. V.R. Kalliyanikutty, (1999) 3 SCC 657.May, on the one hand express the mere fact, or the state, of indictment, as an equivalent simply of 'owing' or on the other hand, it may refer to the time of payment, indicating that the obligation is immediately enforceable, and is then an equivalent of payable, GEI Engineering Ltd. v. Asst. Commr., Comrl. Tax (M.P.), (2006) STC 177 (Vol. 146).Means owing and demanding payable it imports a fixed and settled obligation, Shriram Engineering Construction Company Ltd. v. Kerala State Industrial Development, AIR 2007 (NOC) 1065 (Ker)....
holder in due course
holder in due course :the holder of a negotiable instrument that is complete and regular on its face and that is taken in good faith and for value without notice that it is overdue or has been dishonored or that there is any defense against it or claim to it by any party compare bona fide holder NOTE: A holder in due course takes the negotiable instrument free of any claims to it and of most defenses of a party to it. Federal Trade Commission rules have abolished the status of holder in due course in consumer transactions. ...
Tax payable
Tax payable, means tax payable under this Act on sales or purchase effected by a dealer or casual dealer but does not include tax due as defined in clause (46). [West Bengal Value Added Tax Act, 2003, s. 2(49)]Means the full amount of tax which becomes due when assessed on the basis of the information regarding turnover and taxable turnover furnished or shown in the return, J.K. Synthetices Ltd. v. Commercial Taxes Officer, AIR 1994 SC 2393. (See also Rajasthan Sales Tax Act, 1954, s. 1113)The tax payable is the amount for which a demand notice is issued under s. 156. In determining the tax payable, the tax already paid has to be deducted. Hence, there can be no doubt that the expression 'the amount of the tax, if any, payable by him' referred to in the first part of s. 271(1)(a)(i), refers to the tax payable under a demand notice. Considering the words 'the tax' found in the latter part of that provision. It may be noted that the expression used is not 'tax' but the 'the tax'. The def...
Bill of Exchange
Bill of Exchange. Defined in the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 3, as an 'unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.'It is a chose in action, but, for the encouragement of commerce, it is assignable, at Common Law, by mere endorsement, so that very many names are frequently attached to one bill as endorsers, and each of them is liable to be sued upon the bill, if it be not paid in due time. the person who makes or draws the bill is called the drawer, he to whom it is addressed is, before acceptance, the drawee, and after accepting it, the acceptor; the person in whose favour it is drawn is the payee; if he endorse the bill to another, he is called the endorser, and the person to whom it is thus assigned or negotiated ...
Notice to quit
Notice to quit. Where there is a tenancy from year to year subsisting, it can only be put an end to by notice to quit, which may be given by either party, and must be given one half-year previously to the expiration of the current year of tenancy, so as to expire at the same period of the year in which the tenant entered upon the premises. This rule is to be invariably followed in all cases, except where there is some special agreement between the parties to a different effect, or where a particular local custom intervenes, or where the (English) Agricultural Holdings Act, 1923, applies, in which case, by s. 25 of that Act, a notice must be given to terminate the tenancy twelve months from the end of the then current year of the tenancy.Where the term of a lease is to end on a precise day, there is no occasion for a notice to quit previously to bringing an action of ejectment because both parties are equally apprised of the termination of the term. If a tenant continue in possession by...
Taxation
Taxation, is a tax levy; the principle of levying taxes, Webster American Dictionary, p. 1494.Taxation, is levying charge, a pecuniary burden, for the support of government, by authority of the legislature. The consent of the tax-payer is not necessary to its enforcement, A Dictionary of Law, Willium C. Anderson, 1889, p. 1006.Taxation, no Bill or amendment seeking permission for imposition, abolition, remission, alteration or regulation of any tax can be introduced or moved except on the recommendation of the President and such a Bill cannot be introduced in Rajya Sabha. [Constitution of India, Art. 117(1)]Taxation, no taxation without representation can be levied or collected except by authority of law, Constitution of India, Art. 265.Taxation, though the expression 'taxation', as defined in Art. 366(28), 'includes the imposition of any tax or impost, whether general or local or special', the amplitude of that definition has to be cut down if the context otherwise so requires. In re ...
use tax
use tax : a tax imposed on the use of personal property and esp. property purchased in another state ;specif : a one-time tax imposed on the exercise or enjoyment of any right or power over tangible personal property that is incident to the ownership, possession, custody, or leasing of it [a law allowing the payment of a sales tax to be credited against the amount of use tax due] [the manufacturer became liable for a use tax when items were withdrawn from inventory for internal use] ...
- << Prev.
- Next >>