Unearned Income - Law Dictionary Search Results
Home Dictionary Name: unearned incomeunearned income
unearned income : income (as interest and dividends) that is not gained by labor, service, or skill compare earned income ...
earned income
earned income : income (as wages, salary, professional fees, or commissions) that results from the personal labor or services of an individual compare unearned income ...
Investment company
Investment company, an 'investment company' was defined in s. 109(i) of the Act as meaning a com-pany whose business consisted wholly or mainly in the dealing in or holding of investments. The statutory percentage in the case of an investment company (whether Indian company or not) was fixed at 90 per cent by S. 109 (iii)(1) of the Act. It is significant that even in this Act, the restricted definition of the expression 'investment company' as appearing in s. 372(11) of the Companies Act, 1956 was not adopted by the Legislature. By Finance Act, 1966, which came into force with effect from April 1, 1966, the meaning of the term 'investment company' was clarified by amending clause (ii) of S. 109 and providing therein that investment company meant a company whose gross total income consisted mainly of income which, if it had been the income of an individual, would have been regarded as unearned income, Nawn Estate (P) Ltd. v. CIT, AIR 1977 SC 153 (161): (1977) 1 SCR 798: (1977) 1 SCC 7.I...
unearned premium reserve
unearned premium reserve see reserve ...
Income
Income, s. 4 of the Income-tax Act, defines the 'total income' to include all income, profits and gains from whatever source deprived. The definition of 'income' in Shaw Wallace & Co. case, 1932 (59) IA 206, as a periodical monetary return coming in with some sort of regularity, or expected regularity, from definite sources must be read with reference to the peculiar facts of that case. Money received 'under consequential loss policies, were income within the meaning of s. 2(6c) of the Income Tax Act, Raghuvanshi Mills Ltd. v. Commissioner of Income Tax, AIR 1953 SC 4: (1953) SCR 177.Income connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity from definite sources, E.D. Sassoon and Co. Ltd. v. Commissioner of Income Tax, AIR 1954 SC 470: (1955) 1 SCR 313.The expression 'income' in entry 54 of List I of the Seventh Schedule to the Government of India Act, 1935, and the corresponding entry 82 of List 1 of the Seventh Schedule to the Const...
Income or net income
Income or net income, Income is money or other benefit periodically received. It is profit or revenue and not capital. It is gain derived from capital or labour or both. Net income is income obtained after deducting all expenses incurred for the purpose of earning the income. It is income minus operating expenses, D.C.M. v. S. Paramjit Singh, AIR 1990 SC 2286 (2288). [J&K Houses and Shops Rent Control Act, 1966, s. 1(3)(iii)]...
Income-tax
Income-tax, a tax of so much in the pound of income, under five classifications, according as derived from (A) ownership of land or houses, etc., (B) occupation of land or houses, etc., (C) dividends from stocks or shares, (D) professional or trade earnings or profits, and any profit not included in the four previous classifications, and (E) official and other salaries. The Acts on this subject, dating from the Income-tax Act, 1842 (5 & 6 Vict. c. 35), which, to a great extent, repeats the phraseology of Addington's Act of 1806, are very numerous. Voluntary Easter gifts to an incumbent are assessable to income-tax, Cooper v. Blakinston, 1909 AC 104. See Chitty's Statutes, tit. 'Property Tax.'The tax in 1842, and for many years afterwards, was 7d. in the pound; in 1855,, the year of the Crime an War, it rose to 1s. 4d., and in 1918 to 6s. The Finance Act, 1907 (7 Edw. 7, c. 13), for the first time differentiated (ss. 19 et seq.) between 'earned income' and income from other sources, and...
Such income by way of dividends
Such income by way of dividends, the words 'such income by way of dividends' in s. 80M of Income Tax Act, is referable not only to the category of income included in the gross total income but also to the quantum of the income so included. On a plain grammatical construction, it is obvious that the words 'such income by way of dividends' must have reference to the income by way of dividends mentioned earlier and that would be income by way of dividends from a domestic company which is included in the gross total income, Disributors (Baroda) Pvt. Ltd. v. Union of India, AIR 1985 SC 1585: (1986) 1 SCC 43: (1985) Supp 1 SCR 778....
gross income
gross income : all income derived from any source except for items specifically excluded by law NOTE: Section 61 of the Internal Revenue Code lists fifteen nonexclusive items that should be included in gross income. They are (1) compensation for services, including fringe benefits and commissions; (2) gross income derived from business; (3) gains derived from dealings in property; (4) interest; (5) rents; (6) royalties; (7) dividends; (8) alimony and separate maintenance payments; (9) annuities; (10) income from life insurance and contracts for endowment insurance; (11) pensions; (12) income from discharge of a debt; (13) distributive share of partnership gross income; (14) income received (as by an estate or heir) by reason of a person's death; and (15) income from an interest in an estate or trust. ...
Gross total income
Gross total income, in view of s. 47(viii), the com-pensation which become payable to the appellant as a result of the acquisition of its agricultural land in 1962, was totally exempt from s. 45. Con-sequently, it did not amount to 'income' within the scope of section 2(24)(vi) as there was no capital gain within the meaning of s. 45. It was also not to be included while computing the total income of the appellant as defined in s. 2(45) of the Act. Thus, the amount of compensation received by the appellant could not have formed part of the 'gross total income' within the meaning of section 109(iv) of the Act, Income Tax Act, 1961 ss. 2(24)(vi), 2(45), 45, 47(viii) and ss. 109(iv) & (i); Delhi Farming & Construction (P) Ltd. v. Commissioner of Income Tax Delhi, (2003) 5 SCC 36; Also Caradamom Marketing Co. (Trav.) Ltd. v. CIT, (1986) 158 ITR 621 (Ker)....
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