Tax - Law Dictionary Search Results
Home Dictionary Name: tax Page: 3Fees and taxes
Fees and taxes, 'Fees' are the amounts paid for a privilege, and are not an obligation, but the payment is voluntary. Fees are distinguished from taxes in that 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 connected therewith. Thus, fee are nothing but payment for some special privilege granted on service rendered. Taxes and taxation are, therefore, distinguishable from various other contributions, charges, or burdens paid or imposed for particular purposes and under particular power or functions of the Government, Southern Pharmaceuticals and Chemicals v. State of Kerala, AIR 1981 SC 1863: (1981) 4 SCC 391: (1982) 1 SCR 519.The distinction between fees and taxes, although sometimes ascribed to Rau, is really much older. Adam Smith already speaks of certain expenses 'which are laid out for the benefit of the whole socie...
Tax and taxation
Tax and taxation, the word 'tax' in its widest sense includes all money raised by taxation. It therefore includes taxes levied by the Central and the State legislatures, and also those known as 'rates', or other charges, levied by local authorities under statutory powers. 'Taxation' has been defined in clause (28) of Article 366 of the Constitution to include 'the imposition of any tax or impost, whether general or local or special', and it has been directed that 'tax' shall be 'construed accordingly', D.G. Gouse and Co. v. State of Kerala, AIR 1980 SC 271 (275): (1980) 2 SCC 410: (1980) 1 SCR 804....
gift tax
gift tax : an excise tax imposed on a donor for gifts of property made during the donor's lifetime see also annual exclusion, gift split gift at gift, unified transfer tax compare death tax, estate tax, generation-skipping transfer tax ...
Input tax credit, or input tax rebate
Input tax credit, or input tax rebate, in relation to any period, means the setting off of the amount of input tax, or part thereof, by a registered dealer against the amount of his output tax. [The West Bengal Value Added Tax Act, 2003, s. 2(19)]...
tentative minimum tax
tentative minimum tax : a tax that to the extent it exceeds regular tax liability is the alternative minimum tax liability and that is determined by adjusting taxable income by adding tax preference items under Internal Revenue Code section 57 and subtracting an exemption amount under section 55 ...
death tax
death tax : a tax assessed on the transfer of property (as an estate, inheritance, legacy, or succession) after the transferor's death compare estate tax, generation-skipping transfer tax, gift tax ...
estate tax
estate tax : an excise in the form of a percentage of the taxable estate that is imposed on a property owner's right to transfer the property to others after his or her death called also succession tax see also unified transfer tax compare gift tax, inheritance tax ...
tax shelter
tax shelter : an entity (as a partnership) or investment plan or arrangement whose principal purpose is the avoidance or evasion of income tax ;also : an interest offered or purchased on the premise that it will provide favorable tax consequences [purchased limited partnership tax shelters] ...
Compensatory tax
Compensatory tax, a working test for deciding whether a tax is compensatory or not is to enquire whether the trades people are having the use of certain facilities for the better conduct of their business and paying not patently much more than what is required for providing the facilities. It would be impossible to judge the compensatory nature or a tax by a meticulous test, and in the nature of things that cannot be done, Automobile Transport (Rajasthan) Ltd. v. State of Rajasthan, AIR 1962 SC 1406 (1425). (Constitution of India, Art. 301)Means taxes which would otherwise interfere with the unfettered freedom under Art. 301 will be protected from the vice of unconstitutionality if they are compensatory, Jindal Stainless Ltd. (2) v. State of Haryana, (2006) 7 SCC 241.Compensatory tax, is a compulsory contribution levied broadly in proportion to the special benefits derived to defray the costs of regulation or to meet the outlay incurred for some special advantage to trade, commerce and...
Expenditure tax
Expenditure tax, See Federation of Hotel & Restaurant Assoc. v. Union of India, (1989) 3 SCC 634: AIR 1990 SC 1637.Expenditure-tax or 'tax' means the tax chargeable under the provisions of this Act. [Expenditure Tax Act, 1987 (35 of 1987), s. 2(5)]...
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