T Dictionary

Tax, interest and penalty, tax, interest and penalty are three different concepts. Tax becomes payable by an assessee by virtue of the charging provision in a taxing statute. Penalty ordinarily becomes payable when it is found that an assessee has wilfully violated any of the provisions of the taxing statute. Interest is ordinarily claimed from an assessee who has withheld payment of any tax payable by him and it is always calculated at the prescribed rate on the basis of the actual amount of tax withheld and the extent of delay in paying it. It may not be wrong to say that such interest is compensatory in character and not penal, Associated Cement Company Limited v. Commercial Tax Officer, AIR 1981 SC 1887: (1981) 4 SCC 578: (1982) 1 SCR 563....

tax-deferred

tax-deferred : not taxable until a future date or event (as withdrawal or retirement) ...

tax-exempt

tax-exempt 1 : exempted from taxation ;also : based on such exemption [ status] 2 : providing interest or income that is exempted from taxation [a municipal bond] ...

tax-free

tax-free : tax-exempt ...

Tax-free goods

Tax-free goods, means goods against which the rate of sales-tax is shown to be nil in the Schedule and 'taxable goods' means goods other than tax-free goods. [Maharashtra Value Added Tax Act, 2002, s. 2(30)]...

Tax-ward

Tax-ward, an annual payment made to a superior in Scotland, instead of the duties due to him under the tenure of ward-holding. Abolished....

Time

Time. before 1751 the legal year in England began on the 25th March, therein differing from the common usage in the whole kingdom, and the legal method in Scotland. In 1751 the Gregorian, or present, calendar was substituted for the Julian Calendar by 24 Geo. 2, c. 23.1. A measure of duration 2. A point in or period of duration at or during which something is alleged to have occurred 3. Slang. A convicted criminal's period of incarceration, Black's Law Dictionary, 7th Edn.Time in Acts of Parliament (see, e.g., the definition of night in the Larceny Act) and legal instruments means, in Great Britain, Greenwich mean time, and in Ireland, Dublin mean time, by virtue of the Statute (Definition of Times) Act, 1880 (43 & 44 Vict. c. 9). See, however, Gordon v. Cann, (1899) 68 LJQB 434. The effect of the Summer Time Act, 1922, continued annually, should be noted. The time for Great Britain, Northern Ireland, the Channel Islands, and the Isle of Man is one hour in advance of Greenwich time dur...

Time being

Time being, means the time present or denote a single period of time; but its general sense is that of time indefinite, and refers to an indefinite state of facts which will arise in the future and which may (and probably will) vary from time to time, Ellison v. Thomas, 31 LJ Ch 867....

Time Charter-party

Time Charter-party, a time charter, is 'one in which the ownership and also possession of the ship remain in the original owner whose remuneration or hire is generally calculated at a monthly rate on the tonnage of the ship, while a voyage charter is a contract to carry specified goods on a defined voyage on a remuneration or freight usually calculated according to the quantity of cargo carried'. In Carver's Carriage by Sea, it is stated that 'all charter-parties are not contracts of carriage. Sometimes the ship itself, and the control over her working and navigation, are transferred for the time being to the persons who use her. In such cases the contract is really one of letting the ship, and, subject to the express terms of the charter-party, the liabilities of the ship owner and the charterers to one another are to be determined by the law which relates to the hiring of chattels, and not by reference to the liabilities of carriers and shippers'. According to Scrutton on Charter-par...