T Dictionary
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. ...
tax certificate
tax certificate : a certificate issued to the purchaser of property at a tax sale that certifies the sale and entitles the purchaser to a tax deed upon expiration of the period for right of redemption if all taxes and charges have been paid [voided the tax certificate when it was determined that the original owner was exempt from paying the delinquent taxes] called also tax sale certificate compare tax deed at deed ...
tax court
tax court often cap T&C : a court having jurisdiction over questions of law and fact arising under the tax laws of a government ;specif : the federal court hearing tax cases ...
tax credit
tax credit : an amount that may be subtracted from the sum of tax otherwise due and that is distinguished from a deduction applied to gross income in the calculation of taxable income compare exemption ...
tax deed
tax deed see deed ...
Tax due
Tax due, means the amount of tax which remains unpaid after the expiry of the date specified in the notice of demand issued in this behalf under this Act or the rules made thereunder. [West Bengal Value Added Tax Act, 2003, s. 2(46)]Tax due, refers to an ascertained liability. However the meaning of the Words 'taxes due' will ultimately depend upon the context in which these words are used, Harshad Shantilal Mehta v. Custodian, AIR 1998 SC 2291. [See also Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, s. 11(2)(a)]Tax due, usually refers to an ascertained liability, Harshad Shantilal Mehta v. Custodian, (1998) 5 SCC 1....
tax evasion
tax evasion : a willful and esp. criminal attempt to evade the imposition or payment of a tax [convicted of tax evasion] ...
Tax evasion
Tax evasion, means wilful attempt to defeat or circumvent the tax law in order to illegally reduce one's tax liability, Black's Law Dictionary, 7th Edn., p. 1474....
Tax exempt
Tax exempt, is not legally subject to taxation, Black's Law Dictionary, 7th Edn., p. 1474....
tax fraud
tax fraud Federal offense of willfully attempting to evade or defeat the payment of taxes due and owing. Source: FindLaw ...