Taxable Turnover - Law Dictionary Search Results
Home Dictionary Name: taxable turnoverTaxable 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...
Total turnover
Total turnover, means aggregate of the following transactions effected by a dealer-(a) turnover of sales or purchases of goods within the State whether such sales or purchases of goods are taxable or exempt under this Act,(b) turnover of sales of goods in the course of inter-State trade or commerce;(c) turnover of sales of goods in the course of export of goods out of the territory of India;(d) turnover of sales by a dealer on his own account and also on behalf of his principal. [Gujarat Value Added Tax Act, 2005, s. 2(34)...
Tax payable
Tax payable, means tax payable under this Act on sales or purchase effected by a dealer or casual dealer but does not include tax due as defined in clause (46). [West Bengal Value Added Tax Act, 2003, s. 2(49)]Means the 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. (See also Rajasthan Sales Tax Act, 1954, s. 1113)The tax payable is the amount for which a demand notice is issued under s. 156. In determining the tax payable, the tax already paid has to be deducted. Hence, there can be no doubt that the expression 'the amount of the tax, if any, payable by him' referred to in the first part of s. 271(1)(a)(i), refers to the tax payable under a demand notice. Considering the words 'the tax' found in the latter part of that provision. It may be noted that the expression used is not 'tax' but the 'the tax'. The def...
Turnover
Turnover, in laws dealing with Sales Tax, 'turnover' includes tax in calculating the total turnover, there is nothing wrong in treating the tax as part of the turnover, because, 'turnover' means the amount of money which is turned over in the business, George Oakes (P) Ltd. v. State of Madras, AIR 1962 SC 1352.Turnover is defined to mean: 'the aggregate amount for which goods are bought or sold or supplied or distributed by a dealer either directly or through another on his own account or on account of others whether for cash or for deferred payment or for other valuable consideration, Joint Commercial Tax Officer v. Young Men's Association (Regd.), AIR 1970 SC 1212 (1215): (1970) 1 SCC 462: (1970) 3 SCR 680.Turnover means an aggregate amount for which goods are either bought by or sold by a dealer, whether for a cash or for deferred payment or other valuable consideration, State of Andhra Pradesh v. H. Abdul Bakhi and Brothers, AIR 1965 SC 531 (532): (1964) 7 SCR 664. [Hyderabad Gener...
False return
False return by sheriff on nulla bona to writ of fi. fa, after levying is actionable; for form of claim, see Bullen and Leake, Prec. Of Pl.A process server's or other court officials recorded misrepresentation that process was served, that some other action was taken, or that something is true, Black's Law Dictionary, 7th Edn., p. 619.A return cannot be said to be 'false' unless there is an element of deliberations in it. It is possible that even where the incorrectness of the return is claimed to be due to want of care on the part of the assessee and there is no reasonable explanation forthcoming from the assessee for such want of care, the Court may, in a given case, infer deliberations and the return may be liable to be branded as a false return. But where the assessee does not include a particular item in the taxable turnover under a bona fide belief that he is not liable so to include it, it would not be right to condemn the return as a 'false' return inviting imposition of penalt...
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)....
turnover order
turnover order see order ...
Annual turnover
Annual turnover, represents the value of goods or services sold or supplied during a period of one year. The amount of money turned over or drawn in a business during a period of one year is another shed of meaning, Secretary, Ministry of Chemicals and Fertilisers, Government of India v. Cipla Ltd., (2003) 7 SCC 1. [Drugs Policy 1994, s. 2]...
Turnover of purchases
Turnover of purchases, in relation to any period, means:(a) in the case of the occupier of a jute-mill, the aggregate of the purchase prices or parts of purchase prices payable by such occupier for the quantities of raw jute purchased by him during such period after deducting the amounts, if any, refunded to him by the seller during such period in respect of any quantity of raw jute returned to the seller within ninety days from the date of its purchase and such other amounts as may be prescribed.(b) in the case of a shipper of jute, the aggregate of the purchase price or parts of purchase price payable by such shipper of jute in respect of the quantities of raw jute purchase by him in West Bengal and dispatched by him during such period to any place outside West Bengal by any means of transit.(c) in case of any dealer liable to pay tax under s. 12 or s. 13, the aggregate of the purchase price or parts of purchase price payable by such dealer in respect of the goods, prescribed under t...
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