Tax Year - Law Dictionary Search Results
Home Dictionary Name: tax yeartax year
tax year : taxable year ...
taxable year
taxable year : a period of time used as the basis of tax computation that is usually the annual accounting period of a calendar year or fiscal year called also tax year ...
Tax stradle rule
Tax stradle rule, means the rule that a tax-payer may not defer on tax liability by investing a short-term capital gain in a commodities for future option i.e., investment vehicles whose values formerly did not have to be recorded at the end of the year, to create the appearance of a loss in the current tax year, Black's Law Dictionary, 7th Edn., p. 1475.Means good other than those specified in Sch. A. [West Bengal Value Added Tax Act, 2003, s. 2(47)]...
Net wealth tax
Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...
estimated tax
estimated tax : a tax paid usually quarterly by certain entities (as corporations or trusts) or individuals on income that is not subject to withholding NOTE: A declaration of estimated tax is not required for federal income taxes for tax years after 1984. Some states, however, require declarations to be filed. ...
Year
Year, means a period commencing on 1st April and ending on 31st March next following. [Rajasthan Public Libraries Act, 2006, s. 2(t)]Means a year commencing on 1st day of April. [Equity Linked Savings Scheme, 2005, s. 2(g)][fr. gear, Sax.], 365 days, twelve calendar months, fifty-two weeks and one day, or in Leap Year (q.v.) 366 days, i.e., fifty-two weeks and two days.The first day of the year was legally altered for England from the 25th of March to 1st of January in and after 1752 by the Calendar (New Style) Act, 1750 (24 Geo. 2, c. 23) (Chitty's Statutes, tit. ' Time '), but as appears from the preamble to that statute, the 1st of January had been the first day of the year in Scotland, in other nations, and by ' common usage throughout the whole kingdom.' See CALENDAR generally, when a statute speaks of a year it must be considered as twelve calendar and not lunar months, Bishop of Peterborough v. Catesby, 1608 Cro Jac 166.For the termination of the statutory year for certain finan...
Year to year, tenancy from
Year to year, tenancy from. This estate arises either expressly, as when land is let from year to year, or by a general parol demise, without any deter-minate interest, but reserving the payment of an annual rent; or impliedly, as when property is occupied generally under a yearly rent, payable yearly, half-yearly, or quarterly; or when such tenant holds over, after the expiration of his term, without having entered into any new contract, and pays rent (before which he is a tenant on sufferance), and in such cases the tenant holds over on such terms of the old tenancy lease as are applicable to a tenancy from year to year and to the particular tenancy.The qualities which distinguish a tenancy from year to year from proper terms for years, and from estates at will, are (1) that it exists by construction of law alone instead of an estate at will in every instance where a possession is taken with the consent of the legal owner and where an annual rent has been paid, but without there havi...
Year to year
Year to year, in s. 17(d) of the Registration Act, 1908, would mean that it relates to a year according to the 'British Calender' and not according to vernacular calendar. If this position is accepted, the lease deed of immovable property, from year to year, would become compulsorily registrable, if it is for a British calendar year, and not for a vernacular year. The words 'yearly rent' will have to be interpreted in the same manner as the words 'year to year' are interpreted, viz., the yearly rent according to British and not vernacular calendar, Dimili Narayana v. Dimili Stayanarayan, (1975) 2 Andh WR 226: (1975) 1 APLJ 372: 1975 ALT 190....
Terms for years
Terms for years. An estate for years is denominated a term, because its enjoyment is strictly fixed, for by 'term' is meant not only the interest which passes, but also the period for which it is held. It is a chattel real: chattel, because the estate passes to the owner's executors at his death, and did not pass to his heir-at-law, and so far partakes of the nature of personalty; real, because it is an interest in lands, and therefore partakes of the nature of real property.A term is usually created by a deed or speciality contract, called a lease or demise under the Common Law (see LEASE), and the appropriate operative verbs therein are 'demise,' or 'grant, lease, and to farm let'; but any wards showing the intent of the parties that the one (the lessor) shall divest himself of the possession, and the other (the lessee) come into it for a determinate time, are generally sufficient for the purpose.Terms could not be limited in succession or by way of remainder except by way of trust o...
In the course of such previous year
In the course of such previous year, 'in the course of such previous year' would, refer to the period commencing with the beginning of the previous year and termination with the end of the previous year. 'In the course of such previous year', would necessarily mean that free transferability of the shares by the holders to other members of the public should be present throughout the previous year, CIT v. East West Import and Export (P) Ltd., AIR 1989 SC 836 (838): (1989) 1 SCC 760. (Income-tax Act, 1922, s. 23A Expln.)...
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