Tax - Law Dictionary Search Results
Home Dictionary Name: tax Page: 2Tax and fee
Tax and fee, it is true that between a tax and a fee there is no generic difference. Both are compulsory exactions of money by public authorities; but whereas a tax is imposed for public purposes and is not, and need not, be supported by any considera-tion of service rendered in return, a fee is levied essentially for services rendered and as such there is an element of quid pro quo between the person who pays the fee and the public authority which imposes it, Hingir Rampur Coal Co. Ltd. v. State of Orissa, AIR 1961 SC 459 (464): (1961) 2 SCR 537.It is now well recognised that there is not generic difference between a tax in and a fee; both are compulsory exaction of money by public authority, Union of India v. R.C. Jain, AIR 1981 SC 951: (1981) 2 SCC 308: (1981) 2 SCR 854.The chief purpose of a tax is to raise funds for the support of the Government or for a public purpose, while a fee may be charged for the privilege or benefit conferred, or service rendered or to meet the expenses c...
Tax and fee-distinction
Tax and fee-distinction, a tax is a compulsory exaction of money by a public authority for public purposes enforceable by law and is not payment 'for services rendered'. This definition brings out the essential characteristics of a tax as dis-tinguished from other forms of imposition which, in a general sense, are included within it. The essence of taxation is compulsion, that is to say, it is imposed under statutory power without the taxpayer's consent and the payment is enforced by law. The second characteristic of tax is that it is an imposition made for public purpose without reference to any special benefit to be conferred on the payer of the tax. On the other hand A fee is generally defined to be a charge for a special service rendered to individuals by some govern-mental agency. But the traditional view that there must be actual quid pro quo has undergone a sea change with the passage of time. Correlation-ship between the levy and the services rendered/expected is one of general...
Direct tax
Direct tax, means:(a) any tax chargeable under--(i) the Income-tax Act;(ii) the Super Profits Tax Act, 1963;(iii) The Companies (Profits) Surtax Act, 1964;(iv) the agricultural income-tax law; and(b) any other tax which, having regard to its nature or incidence, maybe declared by the Central Government, by notification in the Official Gazette, to be a direct tax for the purposes of this Act. [Payment of Bonus Act, 1965 (21 of 1965), s. 2 (12) (a)]...
So long as that tax continues to be levied in that State
So long as that tax continues to be levied in that State, the plain and simple meaning which must be culled out from the said expression in the context of the other phraseology in clause (2) is that the local authority can claim protection under clause (2) if it is a local authority in the same State in which it was before the advent of the Constitution. There does not seem to be any ambiguity in this matter and there is, therefore, no escape from the position that Bellary Municipal Council in the city of Bellary which was a local authority within the State of Madras cannot take the advantage of clause (2) as at the time when it was making the claim for realisation of the tax it was a part of the Mysore State. It is neither necessary nor advisable for us to speculate or hazard a surmise to find out a reason for making this distinction between the right of a local authority in the same State and being part of the different States in the pre-Constitution and post-constitution eras, Union...
Or any tax of a similar character chargeable under any law
Or any tax of a similar character chargeable under any law, the explanation to the new sub-clause (iia) inserted in s. 40 of the Income-Tax Act, 1961, which s. 4 of the Amendment Act adopts for the purposes of that s., defines 'wealth-tax' to include, inter alia, besides wealth-tax chargeable under the Wealth-Tax Act, 1957, 'any tax of a similar character chargeable under any law in force in any country outside India', Mitsui Steamship Co. Ltd. v. CIT, AIR 1975 SC 657: (1975) 1 SCC 394: (1975) 3 SCR 467....
Tax admitted
Tax admitted, the expression 'tax admitted' in the proviso to s. 9(1) of the U.P. Sales Tax Act, 1948 means that admitted in the memorandum of appeal, s. 9 can be made wholly useless. All that an assessee has to do is not to admit his liability in the memorandum of appeal, whatever his stand might have been before the assessing authority. Ordinarily no interpretation should be placed on a provision which would have the effect of making the provision either otios or a dead letter. Further, to find out the true meaning of the expression 'tax admitted' one must take into consideration the remaining words of the proviso namely 'or such instalments thereof as may become payable'. Those words furnish a key to the interpretation. If one of the conditions for maintainability of the appeal is payment of the instalments which have become payable under r. 41(2), it means that the admission that has got to be taken into consideration is that made before the assessing authority and not before the a...
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] ...
tax certificate
tax certificate : a certificate issued to the purchaser of property at a tax sale that certifies the sale and entitles the purchaser to a tax deed upon expiration of the period for right of redemption if all taxes and charges have been paid [voided the tax certificate when it was determined that the original owner was exempt from paying the delinquent taxes] called also tax sale certificate compare tax deed at deed ...
alternative minimum tax
alternative minimum tax : a federal tax that prevents a person or entity (as a corporation) with taxable income from avoiding tax liability and that imposes tax liability in the amount of the excess of the tentative minimum tax over regular tax liability see also tax preference item ...
unified transfer tax
unified transfer tax : a tax imposed under the Internal Revenue Code on the cumulative total of gifts made over a certain amount by a person during his or her lifetime or after death called also unified estate and gift tax see also unified credit NOTE: The unified transfer tax system creates liability for a single tax rather than separate liability for a gift tax and an estate tax. ...
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