Taxing statute meaning

Author: jyho

August undefined, 2024

WebJan 18, 2024 · The court held that if the provision in question is an anti-avoidance one, the interpretation should seek to remedy the ill which the provision sought to curb/remedy. :: … WebAug 20, 2024 · It is quite often that we find courts and lawyers busy in unfolding the meaning of ambiguous words and expressions and resolving inconsistencies. Read More: …

TAXATION 1.7 INTERPRETATION OF TAXING STATUTE

WebIn finding out the meaning of a taxing statute, the meaning in common usage, parlance special in commercial and trade circles must be considered. In Annapurna Biscuit Manufacturing Co. v Commissioner of Sales tax, the … WebMar 31, 2024 · A taxing statute has to be interpreted in the light of what is clearly expressed; it cannot imply anything which is not expressed; it cannot import provisions in the statute so as to supply any deficiency; (ii) Before taxing any person, it must be shown that he falls … main int x 10 y 10

Norms of Interpretation of Tax Laws - TaxGuru

WebRule of Interpretation applicable to Taxation Statute: Taxation statute is a fiscal statute which imposes the pecuniary burden on the taxpayer. So such statutes are construed … WebIn a Taxation statute, if a word has a clear meaning, then in that case, the court is bound to follow the clear meaning even if such meaning results in absurd results. It is in legislature … WebTax Statutes means any primary or secondary statute, instrument, enactment, order, law, by- law or regulation making any provision for or in relation to Tax. "TCGA" means the … main interviews used in a business

Goods and Services Tax (GST): Definition, Types, and How

STRICT CONSTRUCTION OF TAXING STATUTES – LLB Notes

WebMaxwell terms this rule as the Golden Rule. Secondary rule of construction: This rule is concerned with the application of the eleven canons of theory of interpretation of … WebDeduction for Statutory and Regulatory Expenses 2 3 Glossary 3.1 Businesses For the purposes of section 14V of the ITA, the word “business” in relation to a business entity … main interstates in the united statesWebDec 20, 2024 · It is imperative that the taxing enactment is carefully interpreted and that the authority to tax is clearly established, which is strict and favourable construction. Taxes … main int x 10 y 10 i

"WebJul 13, 2024 · A statute is a will of the Legislature and an act cannot foresee all types of situations consequences. Hence, the principles of interpretation of statutes come in … " - Taxing statute meaning

Taxing statute meaning

All About Interpretation Of Statutes - Law Corner

WebDec 11, 2024 · The meaning of an expression is extended by way of Explanation and is curtailed by way of the proviso, sometimes more than one provisos and explanations … Webincome people as well as similar tax burden for taxpayers with similar means • Economic Efficiency – Taxation must impact neutrally on various taxpayer groups and economic …

Did you know?

WebDefinition. Taxing power refers to the ability of a government to impose and collect taxes. Overview General Constitutional Authorization. In the United States, Article I, Section 8 of … WebMar 18, 2010 · 3.1 Rule of literal interpretation – This is the most widely used Rule of Interpretation in taxing statutes. Some decisions are given hereunder. If the language of …

WebApr 23, 2024 · Taxation statute is a fiscal statute which imposes the pecuniary burden on the taxpayer. So such statutes are construed strictly. Plain, clear and direct grammatical … Web2 days ago · taxation, imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the world, primarily to raise …

WebIn construing penal statutes and taxation statutes, the Court has to apply strict rule of interpretation. The penal statute which tends to deprive a person of right to life and liberty … WebThe statute (provisions) must be read as a whole. This is the primary rule to start with the interpretation of statutes in the Indian context. That interpretation is best, which …

WebAug 6, 2015 · 4. Dictionary meaning not being relevant for arriving at the true meaning of the words. The Dictionary meaning in general is never accepted for the purpose of interpreting the terms in taxing statute unless a contrary intention has been specified in the statute or in peculiar circumstances as may be applicable to a particular case.

WebThe Taxing Clause of Article I, Section 8, is listed first for a reason: the Framers decided, and the ratifiers of the Constitution agreed, that Congress must itself possess the power “to … main in the boxWebFeb 13, 2024 · Published: 13 February 2024. The interpretation of legislation in general, and the interpretation of tax legislation in particular, is complex. Legislation is generally … main in the winterWebCh. 28 Income Taxation. SECTION 1 OVERVIEW. A. Charging provision. 28.1.1 Section 10(1) of the Income Tax Act (Cap. 134, 2014 Rev. Ed.) (“ITA”) is the charging provision which … main invertebrate groupsWebover the golden rule and it is often remarked that equity and taxation are strangers – Grey vs. Pearson [1857] 6 HL Cas. 61. 3.3 Rule of harmonious construction . When any … main investmentWebDec 18, 2024 · Statute of limitations. The normal time limit for making assessments is four years following the end of the tax year. This is termed a 'discovery' assessment. The time limit for making an assessment on a person in a case involving a loss of income tax brought about 'carelessly' by that person is six years following the end of the tax year. main inversionWebMar 31, 2024 · Taxes are generally an involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, regional or national in order to … main investigatorWebThe principles thus formulated are:10 - A tax must be clearly imposed upon the subject by the clear words of the statute;11 - When the meaning of the statutory provision is ambiguous the tax payer must be given the benefit … mainiotech