Taxable Income - Law Dictionary Search Results
capital expenditure
capital expenditure : an amount paid out that creates a long-term benefit (as one lasting beyond the taxable year) ;esp : costs that are incurred in the acquisition or improvement of property (as capital assets) or … capital assets) or that are otherwise chargeable to a capital account NOTE: Capital expenditures are not deductible for income tax purposes. They are generally added to the property's basis.
Persons
Persons, the expression 'persons' undoubtedly includes natural persons. The class of such taxable persons has been indicated by the Legislature with reference to their occupational activity. Thus, in order to be … been indicated by the Legislature with reference to their occupational activity. Thus, in order to be authorised, a tax under cl. (b) of s. 61(1) must satisfy two conditions: First, it must be a tax on 'persons',
Vegetable
418: AIR 1992 SC 224. The word 'vegetables' does not include Pan (betel leaves). Therefore betel leaves are taxable under the provisions of the Act, Ram Bux Chaturbhuj v. State of Rajasthan, AIR 1963 SC 351 (352). … provisions of the Act, Ram Bux Chaturbhuj v. State of Rajasthan, AIR 1963 SC 351 (352). [Rajasthan Sales Tax Act, 1954 (29 of 1954), s. 4] Vegetable, cannot be given the comprehensive meaning as it bears in
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Fees
of a manor who is a solicitor, but acts in the character of a steward only, were not taxable under the (English) Solicitors Act, 1843 (6 & 7 Vict. c. 73), s. 37, replaced by (English) Solicitors … made excessive charges, the copyholder might have brought an action on the case to recover the excess, and it has been suggested that an indictment would lie for extortion colore officii. The fees of the steward of
trust
credit shelter trust shelter trust NOTE: The purpose of a bypass trust is to reduce the surviving spouse's taxable estate. Such trusts do not qualify for the marital deduction. charitable lead trust [-lēd-] : a trust in … Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted in
Tax payable
full amount of tax which becomes due when assessed on the basis of the information regarding turnover and taxable turnover furnished or shown in the return, J.K. Synthetices Ltd. v. Commercial Taxes Officer, AIR 1994 SC 2393. … the tax, if any, payable by the assessee mentioned in the first part of s. 271(1)(a)(i), Commissioner of Income Tax v. Vegetables Products Ltd., AIR 1973 SC 927 (929): (1973) 1 SCC 442: (1973) 3 SCR 448.
Dwelling place
or a portion thereof which could be regarded as an abode or home of the assessee in the taxable territories, C.I.T., Madras v. Ratnaswamy, AIR 1980 SC 525 (529): 1980 2 SCC 548. … test of territorial connection amounting to residence, the concept of an abode or home would be implicit in it. In other words, it must be a house or a portion thereof which could be regarded as an
Oil seeds
Edible oil is commonly extracted from this seed. The groundnut oilseed and its purchase for oil manufacture is taxable, Avadh Sugar Mills Ltd. v. Sale Tax Officer, AIR 1973 SC 2440. [Uttar Pradesh Sales Tax Act (15 … seed. The groundnut oilseed and its purchase for oil manufacture is taxable, Avadh Sugar Mills Ltd. v. Sale Tax Officer, AIR 1973 SC 2440. [Uttar Pradesh Sales Tax Act (15 of 1948), s. 3]
gift
which the value of property so transferred exceeds the consideration paid is included in the total amount of taxable gifts made during a calendar year. … split gift : a gift made by a spouse to a third person that for purposes of gift tax may be considered as given one-half by each spouse to take advantage of tax avoidance devices (as the
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