Tax Payable - Law Dictionary Search Results
Interest
Interest, an interest for the purposes of the regula-tion was not limited to a direct financial interest and included membership of a panel such as the panel of which the claimant's solicitors were members that, therefore, the Claimant's Solicitors had had an interest in recommending the insurance which they recommend to her; that, in the circumstances, there had not been sufficient disclosure of that interest; and that, accordingly, there had been a material breach of regulation 4(2)(e)(ii) and the conditional fee agreement was unenforceable [See (English) Conditional Fee Agreements Regulation, 2000 (SI 2000/692), reg. 4(2)(c)(e)(ii)], Garrett v. Halton BC, (2007) 1 WLR 554 CA Cir.Interest, inter alia as the compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; especially, the amount owed to a lender in return for the use of the borrowed money [Black's Law Dictionary (7th Edn.) pp. 393-94 para 3...
Assessee
Assessee, means an (i) individual; or (ii) a Hindu undivided family, or (ii) an association of persons or a body of individuals consisting, in either case, only or husband and wife governed by the system of community of property in force in the State of Goa and union territories of Dadra and Nagar Haveli and Danan and Din by whom, or on whose behalf investment in made. [Equity Linked Savings Scheme, 2005, s. 2(b)]--includes deemed assessee. Income Tax Officer v. Delhi Development Authority (2002) 1 SCC 695: AIR 2002 SC 264 (267). [Income Tax Act (43 of 1961) s. 2 (7)]Means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes--(i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person. (ii) very person who is deemed to be an assessee under this Act. (iii) every person who is deemed to be an assess...
Assessment
Assessment, includes provisional assessment, reassessment and any order of assessment in which the duty assessed is nil. [Customs Act, 1962 (52 of 1962), s. 2 (2)]Includes re-assessment. [Wealth-tax Act, 1957 (27 of 1957), s. 2 (cb)]The word 'assessment' can bear a very comprehensive meaning, it can comprehend the whole procedure for ascertaining and imposing liability upon the tax-payer, Kalawati Devi Harlalka v. CIT, AIR 1968 SC 162 (167): (1967) 3 SCR 833. [Income-tax Act, 1961 s. 297 (2)(a)]The word 'assessment' is used in the Income-tax Act in number of provisions in a comprehensive sense and includes all proceedings, starting with the filing of the Return or issue of notice and ending with determination of the tax payable by the assessee, S. SanKarappa v. I.T.O., AIR 1968 SC 816 (818): (1968) 2 SCR 674. [Income-tax Act, 1961 s. 35(1) & (5)]...
Assess
Assess [fr. assessum, Lat., setting a tax], to rate or ascertain.The expression 'assess' refers to a situation where the assessment of the assessee for a particular year is, for the first time made by resorting to the provisions of s. 147 because the assessment had not been made in the regular manner under the Act, CIT v. Sun Engineing Works Ltd, AIR 1993 SC 43 (50): (1992) 4 SCC 363. (Income-tax Act, 1961, s. 147)'Assess' is a comprehensive word, and in a taxing statute it often means the computation of the income of the assessee, the determination of the tax payable by him, and the procedure for collecting or recovering the tax. In a case where there is a dispute about the identity of the assessee, the order of assessment serves the purpose of establishing that identity and naming the person from whom the tax has to be recovered, Bhopal Sugar Industries Ltd. v. State of Madhya Pradesh, AIR 1979 SC 537 (540)....
Other additional remuneration
Other additional remuneration, the expression 'other additional remuneration' refers to such remuneration which is payable at the will of the employer and it does not refer to any remuneration payable under the contract, Wellmon (India) Pvt. Ltd. v. E.S.I.C., AIR 1994 SC 1037 (1044). [ESI Act (34 of 1948), s. 2(22)]...
If any
If any, The phrase 'if any', signifies that if no duty is payable, nothing will be deducted from the wholesale price. It is only when excise duty is actually payable that the duty element can be excluded from the wholesale price, Asst. Collector of Central Excise v. Bata India, AIR 1996 SC 3380 (3383): (1996) 4 SCC 568. [Central Excise and Salt Act, 1994, s. 4(1) d 4(4) (d) (ii)]If any, amplify that if there is no balance period left such deduction the convict will be entitled to be set free from jail, unless he is required in any other case, State of Maharashtra v. Najakat Alia Mubarak Ali, (2001) 6 SCC 311....
Overdue
Overdue, past the time of payment.By s. 36 (2), (3), and (4) of the (English) Bills of Exchange Act, 1882:-(2) where an overdue bill is negotiated, it can only be negotiated subject to any defect of title affecting it its maturity, and thenceforward no person who takes it can acquire or give a better title than that which the person from whom he took it had.(3) A bill payable on demand is deemed to be overdue within the meaning and for the purposes of this section, when it appears on the face of it have been in circulation for an unreasonable length of time. what is an unreasonable length of time for this purpose is a question of fact.(4) Except where an indorsement bears date after the maturity of the bill, every negotiation is prima facie deemed to have been effected before the bill was overdue....
Out put tax
Out put tax, in relation to any period, means the aggregate amount of tax payable by a dealer liable to pay tax u/s. 10, s. 11, s. 12, s. 13, sub-s. (3) of s. 14, or sub-s. (3) of s. 24, or sub-s. (3) of s. 30 in respect of any sale, or purchase, of goods made by him in West Bengal. [The West Bengal Value Added Tax Act, 2003, s. 2(26)]...
Outstanding amount
Outstanding amount, the expression 'outstanding' in s. 2(m)(iii)(a) and (b) will have to be construed in the background of the phrase 'amount of tax..........payable in consequence of an order' and in that context it must mean remaining unpaid after the obligation to pay is incurred, CWT v. J. K. Cotton Manufacturing Ltd., AIR 1984 SC 946 (952): (1984) 3 SCC 393. [Wealth Tax Act, 1957 s. 2(m)(iii)(a) & (b)]...
Silver certificate
A certificate issued by a government that there has been deposited with it silver to a specified amount payable to the bearer on demand In the United States and its possessions it is issued against the deposit of silver coin and is not legal tender but is receivable for customs taxes and all public dues In the United States the redeemability in silver of silver certificates was discontinued in the 1970s they are still 1997 accepted as money at the face dollar value but cannot be redeemed in silver...
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