Taxable Income - Law Dictionary Search Results
taxable income
Matched in: Term taxable income
Net wealth tax
individual or a legal entity (juridical person), while in the case of taxes in the second group, the taxable object itself is deemed liable for the tax, in addition to its owner, so that the tax-payer can … Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows,
Consideration
(9 of 1872), s. 2(d)] Consideration does not mean incidental or collateral examination of any matter by the Income-tax Officer in the process of assessment. There must be something in the assessment order to show that the
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Charging event and taxable event
Matched in: Term Charging event and taxable event
Carried on by him
in s. 10(1) and those critical words are an essential constituent of that which is to produce the taxable income. Therefore, it is clear that the tax is payable only in respect of the profits or gains of … of the continuous exercise of an activity as the essential constituent of that which is to produce the taxable income, E.D. Sassoon and Co. Ltd. v. Commissioner of Income Tax Bombay, (1955) 1 SCR 313: AIR 1954 SC
basis
also rational basis 2 : a basic principle or method ;esp : the principle or method by which taxable income is calculated NOTE: The Internal Revenue Code has set some limits on which method a taxpayer may use … NOTE: The Internal Revenue Code has set some limits on which method a taxpayer may use for figuring taxable income. For example, a corporation with gross receipts under $5,000,000 may be a cash-basis taxpayer. ac·cru·al basis : a
taxable distribution
Matched in: Term taxable distribution
declare
then act as President "U.S. Constitution amend. XX"] 2 a : to make a full statement of (one's taxable property) [didn't some of his income] b : to state the value of (one's taxable or dutiable property)
Rate applicable to the total income of the company
Matched in: Term Rate applicable to the total income of the company
Rate
the tax is computable by the application of a prescribed standard or measure, though not directly related to taxable income, it maybe called tax computed at a certain rate, Sundaram Co. (Private) Ltd. v. Commissioner of Income-tax, AIR
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