Wealth Tax - Law Dictionary Search Results
Net wealth tax
Matched in: Term Net wealth tax
Net wealth
Matched in: Term Net wealth
Debt owed
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: … 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
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Or any tax of a similar character chargeable under any law
Matched in: Term Or any tax of a similar character chargeable under any law
Assessee
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
Property
signifies every possible interest which a person can clearly hold or enjoy, Ahmed G.H. Ariff v. Commissioner of Wealth Tax, AIR 1971 SC 1691: (1969) 2 SCC 471: (1970) 2 SCR 19. (ix) Following the principles laid down
Annuity
charge personally on the grantor, CWT v. Arundhati Balkrishna, (1970) 1 SCC 561 (565): AIR 1971 SC 915. [Wealth Tax Act, 1957, s. 2(e)(iv)] An annuity is a fixed sum payable annually either in perpetuity or for any … charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981 SC 401. [Wealth-Tax Act, 1957, s. 2(e)(1)(iv)] It is a right to receive a specified sum and not an aliquot share
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
Disputed wealth
Matched in: Term Disputed wealth
Assessing Officer
(2) of s. 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under s. 8 of this Act and also the Joint Commissioner who is directed under clause (b) of
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