Wealth - Law Dictionary Search Results
Home Dictionary Name: wealthNet wealth
Net wealth, 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, Commissioner of Wealth Tax v. Bishwanath Chatterjee, AIR 1976 SC 1492 (1494): (1976) 3 SCC 385: (1976) 3 SCR 1096. [Wealth Tax Act, 1957, ss. 2(m) and 21(5)]It means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date which have been incurred in relation to the said assets. [Wealth-tax Act, 1957 (27 of 1957), s. 32 (m)]A coparcenary has unity of possession but not unity of owners...
Net wealth tax
Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...
Disputed wealth
Disputed wealth, 'disputed wealth', in relation to an assessment year, means the whole or so much of the net wealth as is relatable to the disputed tax. [Kar Vivad Samadhan Scheme, 1998, s. 87(g)]...
Wealth
Wealth, all useful or agreeable things which posses exchange-value, or, in other words, all useful and agreeable things except those which can be obtained in the quantity desired without labour or sacrifice, 1 Mill's Pol. Eco. 10. The actual and potential possessions and resources of one or more individuals or a community, either convertible into terms of money, or measured by any other standard of value see VALUE.1. A large quantity of something2. The state of having abundant financial resources; affluence, Black's Law Dictionary, 7th Edn., p. 1587...
Debt owed
Debt owed, a debt owed within the meaning of s. 2(m) of the Wealth-tax Act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money, Commissioner of Wealth Tax v. Her Highness Vijyaba Dowger Maharani Saheb of Bhavnagar Palace, (1979) 2 SCC 213: AIR 1979 SC 982: (1979) 3 SCR 545.The deduction claimed in respect of each assessment year was in truth and substance a liability under the Indian Income-tax Act, 1922 or the Income-tax Act, 1961, as the case may be, and not a new liability created by the Finance Act, and, therefore, it constituted a 'debt owed' by the assessee on the respective valuation dates within the meaning of s. 2(m) of the Act and that the deduction claimed should be allowed while computing the net wealth of the assessee, Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, (1981) 3 SCC 77: AIR 1981 SC 1562: (1981) 3 SCR 402.A 'debt owed' within the meaning of, s. 2(m) of the Wealth-tax Act can be defined as a liability to pay ...
Assessee
Assessee, means an (i) individual; or (ii) a Hindu undivided family, or (ii) an association of persons or a body of individuals consisting, in either case, only or husband and wife governed by the system of community of property in force in the State of Goa and union territories of Dadra and Nagar Haveli and Danan and Din by whom, or on whose behalf investment in made. [Equity Linked Savings Scheme, 2005, s. 2(b)]--includes deemed assessee. Income Tax Officer v. Delhi Development Authority (2002) 1 SCC 695: AIR 2002 SC 264 (267). [Income Tax Act (43 of 1961) s. 2 (7)]Means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes--(i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person. (ii) very person who is deemed to be an assessee under this Act. (iii) every person who is deemed to be an assess...
Material resources
Material resources, 'Material resources' is enshrined in art. 39(b) are wide enough to cover not only natural or physical resources but also movable or immovable properties. The mere fact that the resources are material will make no difference in the concept of the word 'resources'. Black's Law Dictionary defined the word recourses thus: Money or any property that can be converted to meet needs; means of raising money or supplies; capabilities of raising wealth or to supply necessary wants. The mere fact that the resources are material will make no difference in the concept of the word recourse. In Stroud's Judicial Dictionary (Vol. 3) at page, 1634, the word material is defined thus: Materials tools or implements, to be used by such artificer in this trade or occupation, if such artificer be employed in mining; wooden props or 'sprags' though neither 'tools or implements' were 'materials' within these words. 'Material' includes a painter's bucket of distemper and brush. In Webster's T...
Maximum marginal rate
Maximum marginal rate, means the rate of wealth-tax applicable in relation to the highest slab of wealth in the case of an individual as specified in part I of Schedule I. [Wealth-tax Act, 1957 (27 of 1957), s. 2 (lc)]...
Or any tax of a similar character chargeable under any law
Or any tax of a similar character chargeable under any law, the explanation to the new sub-clause (iia) inserted in s. 40 of the Income-Tax Act, 1961, which s. 4 of the Amendment Act adopts for the purposes of that s., defines 'wealth-tax' to include, inter alia, besides wealth-tax chargeable under the Wealth-Tax Act, 1957, 'any tax of a similar character chargeable under any law in force in any country outside India', Mitsui Steamship Co. Ltd. v. CIT, AIR 1975 SC 657: (1975) 1 SCC 394: (1975) 3 SCR 467....
Communism
A scheme of equalizing the social conditions of life specifically a scheme which contemplates the abolition of inequalities in the possession of property as by distributing all wealth equally to all or by holding all wealth in common for the equal use and advantage of all...
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