Legal Dictionary of Pakistan

Audit of return

see tax audit under audit,

Audit of return.

See tax audit.

Return

n. 1. A court officer's bringing back of an instrument to the court that issued it; RETURN OF WRIT <a sheriff's return of citation>. 2. A court officer's indorsement on an instrument brought back to the court, reporting what the officer did or found <a return of nulla bona>. See FALSE RETURN (1). 3. TAX RETURN <file your return before April 15>. 4. (usu. pl.) An official report of voting results <election returns>. 5. Yield or profit <return on an investment>. See RATE OF RETURN. - return, ub.

amended return

A return filed after the original return, usu. to correct an error in the original.

capital return

Tax. Revenue that represents the repayment of cost or capital and thus is not taxable as income.

common-return days

See dies communes in banco under DIES.

consolidated return

A return that reflects combined financial information for a group of affiliated corporations.

election returns

The report made to the board of canvassers or the election board, by those charged with tallying votes, of the number of votes cast for a particular candidate or proposition.

fair rate of return

The amount of profit that a public utility is permitted to earn, as determined by a public utility commission.

fair return on investment

The usual or reasonable profit in a business, esp. a public utility.

false return

See FALSE RETURN (2).

fixed-return dividend

income-tax return

See TAX RETURN.

information return

A return, such as a W-2, filed by an entity to report some economic information other than tax liability.

information return.

See TAX RETURN,

internal rate of return

See RATE OF RETURN.

joint return

A return filed together by spouses. ( A joint return can be filed even if only one spouse had income, but each spouse is usu. individually liable for the tax payment.

levari facias quando vicecomes returnavit quod non habuit emptores

n. [Law Latin "that you cause to be levied the damages from the disseisors"] Hist. A writ directing a sheriff, who had already seized some of the debtor's property and found it unsalable, to sell as much additional property as necessary to pay the entire debt.

net return

The profit on an investment after deducting all investment expenses.

rate of return

The annual income from an investment, expressed as a percentage of the investment. See RETURN (5).

return date.

See return day under DAY.

return day

1 A day on which a defendant must appear in court (as for an arraignment). 2. A day on which a defendant must file an answer. 3. A day on which a proof of service must be returned to court. 4. A day on which a writ of execution must be returned to court. 5. A day specified by law for counting votes in an election. - Also termed return date.

return day.

See DAY.

return of service.

See PROOF OF SERVICE.

return of writ

The sheriff's bringing back a writ to the court that issued it, with a short written account (usu. on the back) of the manner in which the writ was executed. Often shortened to return. See RETURN (1).

returning board.

An official body or commission that canvasses election returns.

sale and return

See sale or return.

sale or return

A sale in which the buyer may return the goods to the seller, regardless of whether they conform to the contract, if the goods were delivered primarily for resale. ( This transaction is a type of consignment in which the seller (usu. a distributor) sells goods to the buyer (often a retailer), who then tries to resell the goods, but a buyer who cannot resell is allowed to return them to the seller. Title and risk of loss are with the buyer until the goods are returned. UCC § 2-326(1)(b). - Also termed sale and return.

separate return

A return filed by each spouse separately, showing income and liability. ( Unlike with a joint return, each spouse is individually liable only for taxes due on the separate return.

tax return

An income-tax form on which a person or entity reports income, deductions, and exemptions, and on which tax liability is calculated. - Often shortened to return. -Also termed income-tax return.