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....
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...
deduction
deduction 1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also Internal Revenue Code in the Important Laws section compare credit, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
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] ...
return
return 1 a : to give (an official account or report) to a superior (as by a list or statement) [ the names of all residents in the ward] [ a list of jurors] b : to bring back (as a writ, verdict, or indictment) to an office or tribunal [the sheriff must the execution…to the proper clerk within sixty days "J. H. Friedenthal et al."] [the grand jury ed six indictments] [ed a verdict of not guilty] 2 : to bring in or produce (as earnings or profit) : yield re·turn·able adj n 1 a : the delivery of a court order (as a writ) to the proper officer or court b : proof of service 2 : return day 3 : an account or formal report (as of an action performed or duty discharged or of facts and statistics) [census s] ;esp : a set of tabulated statistics prepared for general information usually used in pl. 4 a : a report of the results of balloting [election s] b : an official declaration of the election of a candidate [each house shall be the judge of the elections, s,...
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...
tax roll
tax roll : a record of the properties in a taxing district that includes the taxes due and paid on each property and is sometimes combined with a record of assessed values ...
tax fraud
tax fraud Federal offense of willfully attempting to evade or defeat the payment of taxes due and owing. Source: FindLaw ...
Copyhold
Copyhold. Tenure in copyhold has been abolished under the (English) L.P. Acts, 1922 and 1925, and the Amending Acts of 1924 and 1926, but the greater part of the former title on this subject has been retained verbatim in view of the importance of the subject in examining titles. In the previous edition of this work, copyhold was described as a base tenure founded upon immemorial custom and usage; its origin is undiscoverable, but it is said to be the ancient villeinage modified and changed by the commutation of base services into specified rents, either in money or money's worth.A copyhold estate is a parcel of the demesnes of a manor held at the lord's will, and according to the custom of such manor. The tenant may have the same quantities of interest in this tenure as he may enjoy in freeholds, as an estate in fee-simple or (by particular custom) fee-tail, or for life, and he may have only a chattel interest of an estate for years in it. By the custom of some manors, the estate devol...
Fines in copyholds
Fines in copyholds. A fine which is preserved by 12 Car. 2, c. 24, s. 6, is a sum of money payable by custom to the lord. There are three classes of fines:- (1) those due on the change of the lord; (2) those on the change of the tenant; and (3) those for a licence to the tenant to do certain acts.When the fine is due on the change of the lord, such change must be by the act of God, and not in consequence of any act of the party. It can therefore be only claimed on the death of the lord.When it is due on the change of the tenant, it matters not whether that change is effected by the act of God, or by the tenant's own act. Whenever the tenancy is changed, a fine is payable.Those fines which are due to licenses by the lord, to empower the tenant to do certain acts, as to demise, etc., are rare. There must be a special custom to support such fine, for, by general custom, fines are due only on admissions.The admission fine is prima facie uncertain and arbitrary, or rather arbitrable, unless...
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