Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Deficiency
n. 1. A lack, shortage, or insufficiency. 2. A shortfall in paying taxes; the amount by which the tax properly due exceeds the sum of the amount of tax shown on a taxpayer's return. - Also termed tax deficiency; incometax deficiency; deficiency in tax. 3. The amount still owed when the property secured by a mortgage is sold at a foreclosure sale for less than the outstanding debt; esp., the shortfall between the proceeds from a foreclosure sale and an amount consisting of the principal debt plus interest plus the foreclosure costs. See deficiency judgment under JUDGMENT.
Deficiency assessment
an assessment by the irs - after administrative review and tax-court adjudication - of additional tax owed by a taxpayer who underpaid. See tax deficiency.
antideficiency legislation
1 Legislation enacted to provide revenue to cover a budget deficiency. 2. Legislation enacted to limit the rights of secured creditors to recover in excess of the security.
deficiency assessment
See ASSESSMENT
deficiency bill
See BILL (3)
deficiency bill.
An appropriation bill covering expenses omitted from the general appropriation bills, or for which insufficient appropriations were made. * An urgent deficiency bill covers immediate expenses usu. for one item, and a general deficiency bill covers a variety of items.
deficiency decree
See deficiency judgment under JUDGMENT.
deficiency dividend
A dividend paid to reduce or avoid personal-holding-company tax in a prior year. disguised dividend See informal dividend.
deficiency in tax
See DEFICIENCY (2)
deficiency judgment
A judgment against a debtor for the unpaid balance of the debt if a foreclosure sale or a sale of repossessed personal property fails to yield the full amount of the debt due. - Also termed deficiency decree.
deficiency letter
An SEC letter to a registrant of a securities offering, detailing the ways in which the registration statement fails to meet federal disclosure requirements. - Also termed letter of comment; letter of comments.
deficiency notice
See NINETY-DAY LETTER.
deficiency suit
An action to recover the difference between a mortgage debt and the amount realized on foreclosure. See deficiency judgment under JUDGMENT.
income-tax deficiency
See DEFICIENCY.
margin deficiency. Securities
The extent to which the amount of the required margin exceeds the equity in a margin account. margined security. See SECURITY.
notice of deficiency
See NINETY-DAY LETTER.
tax deficiency
See DEFICIENCY.
tax-deficiency notice
See NINETY-DAY LETTER.