Under This Section - Law Dictionary Search Results
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Under this section, the words 'under this section' in the Explanation are significant relating, as it does, to the governing topic in the section, namely, computation of the period of limitation, Udayan Chinubhai v. R.C. Bali, AIR 1977 SC 2319 (2326): (1977) 4 SCC 309: (1978) 1 SCR 547. [Limitation Act, 1963, s. 12(2)]...
exemption
exemption 1 : the act of exempting or state of being exempt 2 : one that exempts or is exempted: as a : an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also Internal Revenue Code in the Important Laws section compare deduction, exclusion, tax credit de·pen·den·cy exemption [də-pen-dən-sē-] : an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) NOTE: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. per·son·al exemption : an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b : the right created by federal and state laws to exempt specified types of property from a bankruptcy estate [pre...
Levy
Levy, may include both the process of taxation as well as the determination of the amount of tax or duty, S.K. Pattanaik v. State of Orissa, (2000) 1 SCC 413.The term 'levy' is wider in its import than term 'assessment'. It may include both 'imposition' as well as 'assessment' Imposition is generally used for levy of a duty or tax by legislative provisions indicating the subject-matter of levy and rate of levy. Levy of duty does not mean actual collection, Collector of Central Excise, Chandigarh v. Smith Kline Beecham Consumer Health Care Ltd., AIR 2003 SC 829. [see Central Excise Act, 1944 (1 of 1944)][fr. levo, Lat.], the act of raising money or men.Assessment and collection of income tax The expression 'levy, assessment and collection of income-tax' in section 13(1) of the Finance Act, 1950, was wide enough to comprehend re-assessment proceedings under section 34 of the Income Tax Act, 1922, Income Tax Officer v. K.N. Guruswamy, AIR 1958 SC 808: (1959) SCR 785.Levy under section 14(...
deduction
deduction 1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also Internal Revenue Code in the Important Laws section compare credit, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
Employer
Employer, means (i) a company; (ii) a firm; (iii) an association of persons or a body of individuals, whether incorporated or not, but excluding any fund or trust or institution eligible for exemption under clause (23C) of section 10 or registered under section 12AA; (iv) a local authority; and (v) every artificial judicial person, not falling within any of the preceding sub-clauses. [Income-tax Act, 1961 (43 of 1961), s. 115W(a)]Employer, means:A person who controls and direct a worker under an express or implied contract of hire and who pays the workers salary or wages, Black's Law Dictionary, 7th Edn.(a) in relation to contract labour, the principal employer, and(b) in relation to other labour, the person who has the ultimate control over the affairs of any establishment or who has, by reason of his advancing money, supplying goods or otherwise, a substantial interest in the control of the affairs of any establishment, and includes any other person to whom the affairs of the establi...
Application
Application, a request, a motion to a Court or judge; the disposal of a thing.A prayer made to an authority for relief to set aside an order of another authority, Shaik Saidulu v. Chukka Yesu Ratnam, (2002) 3 SCC 130 (136): AIR 2002 SC 749. [Hyderabad Municipal Corporatiion Act (2 of 1956) s. 71]Includes a petition. [Limitation Act, 1963 (36 of 1963), s. 2 (b)]Means an application made to a Tribunal under s. 19. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (b)]Means an application made under s. 19. [Administrative Tribunals Act, 1985 (13 of 1985), s. 3 (b)]Means an application made to a Tribunal under section 19, Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2(b).Means an application made under section 16, Railways Claims Tribunal Act, 1987 (54 of 1987), s. 2(a).An application for the purpose is a request by all the lessees to permit the change of the user of the land showing readiness and willingness to ...
Cause of action
Cause of action, a cause of action is a bundle of facts which are required to be pleaded and proved for the purpose of obtaining relief claimed in the suit. For the aforementioned purpose, the material facts are required to be stated but not the evidence except in certain cases where the pleading relied on any misrepresentation, fraud, breach of trust, wilful default or undue influence, Liverpool & London S.P. & I Assocn. v. M.V. Sea Success, (2004) 9 SCC 512 (562). [Civil Procedure Code, 1908, O. 7, R. 11(9)]--It is only that court in whose jurisdiction the 'cause of action' did arise will have Jurisdiction to entertain an application either under section 9 or under section 11 of the Act (Arbitration and Conciliation Act, 1996); Indian Iron and Steel Company Ltd. Kolkata v. Tiwari Roadlines, Hyderabad, AIR 2006 AP 1.Means every fact which it is necessary to establish to support a right to obtain a judgment, Prem Chand Vijay Kumar v. Yashpal Singh, (2005) 4 SCC 417.Is a bundle of facts...
boot
boot [obsolete or dialect boot compensation, from Old English bōt advantage, compensation] : additional money or property received to make up the difference in an exchange of business or investment property that is of like kind but unequal in value NOTE: Under Internal Revenue Code section 1031, no tax liability results from an exchange solely of like-kind property used in a business or trade or held for investment. If the exchange includes boot, however, under section 1245 the boot will be treated as ordinary income. ...
commercial unit
commercial unit : an item or group of items defined under section 2-105 of the Uniform Commercial Code as being viewed in commerce as a single whole that would be diminished in value if divided NOTE: Under U.C.C. section 2-606, when a part of a commercial unit is accepted by a buyer, the entire commercial unit is deemed to be accepted. ...
tentative minimum tax
tentative minimum tax : a tax that to the extent it exceeds regular tax liability is the alternative minimum tax liability and that is determined by adjusting taxable income by adding tax preference items under Internal Revenue Code section 57 and subtracting an exemption amount under section 55 ...
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