Taxable Year - Law Dictionary Search Results
Home Dictionary Name: taxable yeartaxable year
taxable year : a period of time used as the basis of tax computation that is usually the annual accounting period of a calendar year or fiscal year called also tax year ...
tax year
tax year : taxable year ...
expense
expense : financial burden or outlay ;specif : an item of business outlay chargeable against revenue for a specific period busi·ness expense : an expense made in furtherance of one's business esp. as part of the cost of operating a business in the taxable year in which the expense is incurred compare capital expense and personal expense in this entry NOTE: Business expenses are generally tax deductible in the year the expense is incurred. capital expense : an expense made in a business that will provide a long-term benefit : capital expenditure NOTE: Capital expenses are not tax deductible as business expenses but may be used for depreciation or amortization. mov·ing expense : an expense incurred in changing one's residence that is tax deductible if incurred for business reasons (as when one's job requires relocation) or·di·nary and nec·es·sary expense : an expense that is normal or customary and helpful and appropriate for the operation of a ...
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 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...
tax benefit rule
tax benefit rule : a tax rule requiring that if an amount (as of a loss) used as a deduction in a prior taxable year is recovered in a later year it must be included in the gross income for the later year to the extent of the original deduction NOTE: If the amount of the loss was not taken as a deduction in the year the loss occurred, the recovered amount is not counted as income. ...
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)....
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 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. ...
head of household
head of household :an unmarried individual who is not a surviving spouse and who maintains a household which for more than one-half of the taxable year is the principal abode of a person who qualifies as a dependent under section 2(b) of the Internal Revenue Code ...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial