Taxable Termination - Law Dictionary Search Results
Home Dictionary Name: taxable terminationtaxable termination
taxable termination : a generation-skipping transfer of property held in trust that is subject to a generation-skipping transfer tax payable by the trustee when an interest in the property terminates (as at the death of the parent of a skip person), no interest is held by one who is not a skip person, and a distribution to a skip person may be made compare direct skip, taxable distribution ...
taxable distribution
taxable distribution : a generation-skipping transfer of property held in trust that is subject to a generation-skipping transfer tax payable by a skip person when he or she receives a distribution of income or principal compare direct skip, taxable termination ...
generation-skipping transfer
generation-skipping transfer : a transfer of property or of an interest in property that is to a person of a generation more than one generation below that of the transferor and that can be characterized as a taxable termination, a taxable distribution, or a direct skip see also direct skip generation-skipping trust at trust, skip person, taxable distribution, taxable termination NOTE: A transfer from a grandparent to a grandchild qualifies as a generation-skipping transfer, as does a transfer of a life estate to a child with a remainder in the grandchild. Such transfers are subject to a generation-skipping transfer tax. ...
direct skip
direct skip : a generation-skipping transfer of an interest in property to a skip person : a transfer that is to a person two or more generations below the person making the transfer or to a trust in which all interest is held by such persons and that is subject to generation-skipping transfer taxes compare taxable distribution, taxable termination ...
Taxable person, taxable event
Taxable person, taxable event, 'taxable person' is a 'dealer' as defined in s. 2(g). 'Taxable event' is the 'sale or purchase' of 'goods' effected during the accounting period although the tax liability is enforced only after quantification is effected by assessment proceedings, State of Tamil Nadu v. M.K. Kandlaswami, AIR 1975 SC 1871: (1975) 4 SCC 745 (749)....
Charging event and taxable event
Charging event and taxable event, The charging event is the event the occurrence of which immediately attracts the charge. Taxable event cannot be postponed to the occurrence of the subsequent condition. In that event, it would be the subsequent condition the occurrence of which would attract the charge which will be taxable event, Good Year India Ltd. v. State of Haryana, 1989 Supp (1) SCR 510: AIR 1990 SC 781 (805)....
Aggregate value of taxable service
Aggregate value of taxable service, means the sum total of first consecutive payments received during a financial year towards the gross amount, as prescribed under section 67 of the Act, charged by the service provider towards taxable services but does not include payments received towards such gross amount which are except from the whole of service tax leviable thereon under section 66 of the Act under any notification other than Notification No. 6/2005-Service Tax dated the 1st March, 2005 [G.S.R. 140 (E) dated the 1st March, 2005. [Service Tax (Registration of Special Category of Persons) Rules, 2005, R. 2(b)]....
Taxable profits
Taxable profits, the expression 'Taxable profits' is defined in s. 2(17) as the amount by which the profits during a chargeable accounting period exceed the abatement in respect of that period, C.I.T. v. Standard Vacuum Oil Company, AIR 1966 SC 1393 (1396): (1966) 2 SCR 367....
Taxable territories
Taxable territories, the expression 'taxable territories' means in certain cases and for certain purposes wherever that expression is used in the various provisions of the Indian Act. And as the expression is used in the charging s. 4 in connection with the conditions which are to determine liability to tax, sub-clause (iii) of clause (b) of the definition must, when read with s. 4 of the Indian Act, have reference to chargeability of income and not merely to its computation, Union of India v. Madan Gopal Kabra, AIR 1954 SC 158 (161): (1954) SCR 541....
Taxable turnover
Taxable turnover, 'taxable turnover' is defined in s. 2(s) of the Rajasthan Sales Tax Act, 1954 to mean that part of the 'turnover' which remains after deducting the aggregate amount of proceeds of certain categories of sales and 'turnover', according to s. 2(t), means 'the aggregate of the amount of sale prices received or receivable by a dealer in respect of the sale or supply of goods...', Hindustan Sugar Mills v. State of Rajasthan, AIR 1978 SC 1496 (1499): (1978) 4 SCC 271: (1979) 1 SCR 276.Means the turnover of all sales or purchases of a dealer during the prescribed period in any year, which remains after deducting thereform,(a) the turnover of sales not subject to tax under this Act,(b) the turnover of goods declared exempt under sub-s. (1) of s. 5 or under a notification under sub-s. (2) of s. 5, and(c) in case of turnover of sales in relation to works contract, the charges towards labour, service and other like charges, and subject to such manner as may be prescribed. [Gujara...
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