Reference
Tax & Business Glossary
Browse 145 tax and business terms. Select a letter to filter or search below.
A
8Advance Ruling
A binding pre-transaction clarification on how tax law applies to your specific facts.
Compliance & RegistrationsAdvance Tax
Income tax paid in advance during the financial year in four quarterly instalments instead of a lump sum on 31 March.
Income TaxAGM
Annual General Meeting — a yearly meeting of a company's shareholders required under Section 96 of the Companies Act, 2013.
Corporate LawAIS
Consolidated portal statement of a taxpayer’s transactions and tax credits for a financial year.
Income TaxAIS vs TIS
AIS = raw transactional pass-through; TIS = category-grouped processed summary.
Income TaxAMT
Alternative minimum tax on non-corporate taxpayers based on adjusted total income.
Income TaxAoA
Articles of Association — the internal rulebook of a company governing the relationship between members and directors.
Company LawAudit
A systematic, independent examination of financial records, statements, and supporting documents to express an opinion on their truth and fairness.
Accounting & AuditB
4Balance Sheet
A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.
Accounting & AuditBoard of Directors
The collective body of elected or appointed directors legally responsible for managing the affairs of a company.
Corporate LawBonus
A statutory payment made by employers to employees under the Payment of Bonus Act, 1965, calculated as a percentage of salary or profit.
HR, Payroll & Labour LawBonus Share
Free additional shares issued to existing shareholders in proportion to their existing holdings, capitalised from the company's reserves.
Corporate LawC
12Carpet Area
The net usable floor area of an apartment within the walls, excluding the area occupied by walls, balcony, and common areas.
Real Estate & RERACASA Ratio
Current Account Savings Account Ratio — the proportion of a bank's total deposits held in current and savings accounts (low-cost deposits) versus…
Banking & FinanceCash Flow Statement
A financial statement that summarises the cash and cash-equivalent inflows and outflows of a company during a period, classified into operating,…
Accounting & AuditCashless Hospitalisation
A facility offered by health insurers where the insured does not pay cash to the hospital for covered treatments; the insurer settles the bill…
InsuranceCGST
Central Goods and Services Tax — the central government's share of GST levied on intra-state transactions.
GST & Indirect TaxCIBIL Score
A 3-digit number (300-900) issued by TransUnion CIBIL that represents a borrower's creditworthiness based on credit history.
Banking & FinanceCIN
The 21-character unique identifier allotted to a company on incorporation.
Company LawComposition Scheme
A simplified GST scheme for small taxpayers with turnover up to ₹1.5 crore (₹75 lakh for services) allowing payment of tax at a fixed percentage of…
GST & Indirect TaxCopyright
An automatic, exclusive right given to the creator of original literary, musical, artistic, dramatic, cinematographic, or software work for a limited…
Intellectual PropertyCSR-1 Filing
Form CSR-1 — a one-time registration form filed by companies to register their CSR projects with the Ministry of Corporate Affairs.
Compliance & RegistrationsCTC
Cost to Company — the total annual expense incurred by the employer on an employee, including all salary components, benefits, and statutory…
HR, Payroll & Labour LawCurrent Assets
Assets expected to be converted into cash, sold, or consumed within 12 months from the reporting date.
Accounting & AuditD
7Depreciation
The systematic allocation of the cost of a tangible fixed asset over its useful economic life.
Accounting & AuditDesign Registration
Registration of the visual design of an article (shape, configuration, pattern, ornament) that appeals to the eye, under the Designs Act, 2000.
Intellectual PropertyDIN
Director Identification Number — a unique 8-digit number assigned to every current and aspiring director in India.
Company LawDividend
A distribution of a company's profits to its shareholders, declared by the Board of Directors.
AccountingDSC
Digital Signature Certificate — an electronic signature used for authenticating documents filed with government portals.
Company LawDSC
Electronic signature token mandated for MCA, IT, GST, EPFO, and DGFT filings.
Company LawDTAA
Double Tax Avoidance Agreement — a bilateral treaty between India and another country to prevent the same income from being taxed in both…
FEMA & International TaxE
10E-way Bill
Electronic Way Bill — a document generated on the GST portal before transporting goods worth more than ₹50,000.
GST & Indirect TaxE-Way Bill
Electronic permit for transporting goods worth over ₹50,000 under GST.
GST & Indirect TaxEBITDA
Earnings Before Interest, Taxes, Depreciation, and Amortisation — a measure of operating profitability that strips out financing and non-cash items.
Accounting & AuditEGM
Extraordinary General Meeting — any general meeting of shareholders other than the AGM, convened to discuss urgent or special business.
Corporate LawEMI
Equated Monthly Installment — a fixed payment made by a borrower to a lender on a specified date each month.
Banking & FinanceEPF
Employees' Provident Fund — a government-managed retirement savings scheme for salaried employees under the EPF & MP Act, 1952.
HR, Payroll & Labour LawEPFO
The organisation administering India’s employees’ provident fund, pension and insurance schemes.
HR, Payroll & Labour LawESI
Employees' State Insurance — a social security and health insurance scheme for Indian workers under the ESI Act, 1948.
HR, Payroll & Labour LawESIC
The corporation that administers the Employees’ State Insurance health and cash-benefit scheme.
HR, Payroll & Labour LawESOP
Employee Stock Option Plan — a scheme allowing employees to purchase shares of the company at a pre-determined price within a specified period.
Corporate LawF
6Factories Act
A central labour law (Factories Act, 1948) regulating the working conditions, safety, health, and welfare of workers in manufacturing units employing…
Compliance & RegistrationsFDI
Foreign Direct Investment — investment by a person resident outside India in the capital of an Indian company, with the objective of establishing a…
FEMA & International TaxFEMA
Foreign Exchange Management Act, 1999 — the central law that regulates foreign exchange transactions and capital flows in India, replacing the…
FEMA & International TaxForm 26AS
Annual statement of tax credits (TDS/TCS and taxes paid) linked to a taxpayer’s PAN.
Income TaxFPI
Foreign Portfolio Investment — investment by foreign investors in financial assets like stocks, bonds, and mutual funds without acquiring significant…
FEMA & International TaxFSSAI
Food Safety and Standards Authority of India — the apex body that regulates food safety and licensing in India under the FSS Act, 2006.
Compliance & RegistrationsG
7Gratuity
A lump-sum retirement benefit paid by the employer to an employee who completes at least 5 years of continuous service under the Payment of Gratuity…
HR, Payroll & Labour LawGST
Goods and Services Tax — an indirect, destination-based tax levied on the supply of goods and services across India, replacing multiple central and…
GST & Indirect TaxGSTIN
Goods and Services Tax Identification Number — a 15-digit unique identifier assigned to every GST-registered taxpayer.
GST & Indirect TaxGSTIN vs CIN
GSTIN is a 15-character state-wise indirect tax ID; CIN is a 21-character MCA company registration ID.
GST & Indirect TaxGSTN
The network/IT body that runs the GST Portal for registration, returns and payments.
GST & Indirect TaxGSTR-1
Monthly return showing outward supplies (sales) filed by a GST-registered dealer.
GSTGSTR-3B
Monthly summary return filed by GST-registered dealers capturing details of outward supplies, input tax credit, and tax payment.
GSTH
4Health Insurance
An insurance product that covers the cost of medical treatment, hospitalisation, and related expenses incurred by the insured.
InsuranceHome Loan
A secured loan provided by banks and housing finance companies (HFCs) to finance the purchase, construction, or renovation of a residential property.
Real Estate & RERAHSN Code
Harmonized System of Nomenclature — a 6 or 8-digit code used to classify goods for GST purposes and determine the applicable rate.
GST & Indirect TaxHSN vs SAC
HSN codes goods (6/8-digit), SAC codes services (6-digit) — both required on GST invoices.
GST & Indirect TaxI
14IEC
Importer Exporter Code — a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to any person or firm engaged in import or export…
Compliance & RegistrationsIFSC
Indian Financial System Code — an 11-character alphanumeric code that uniquely identifies a bank branch for electronic fund transfers in India.
Banking & FinanceIGST
Integrated Goods and Services Tax — levied by the central government on inter-state supply of goods and services and on imports.
GST & Indirect TaxIMPS
Immediate Payment Service — a real-time inter-bank electronic fund transfer service available 24x7, including holidays.
Banking & FinanceIncome Tax
Direct tax levied on the income of individuals, HUFs, firms, companies, and other entities under the Income Tax Act, 1961.
Income TaxInd AS
Indian Accounting Standards — the accounting standards converged with IFRS and notified by the Ministry of Corporate Affairs for preparation of…
Accounting & AuditInd AS 115
The Indian Accounting Standard on Revenue from Contracts with Customers, providing a 5-step model for recognising revenue.
Accounting & AuditIndependent Director
A non-executive director of a company who has no material relationship with the company and is not part of the promoter group, as defined under…
Corporate LawInternal Audit
An independent, objective assurance and consulting activity designed to add value and improve an organisation's operations.
Accounting & AuditIRDAI
Insurance Regulatory and Development Authority of India — the apex body that regulates the insurance industry in India under the IRDA Act, 1999.
InsuranceIRN
The unique hash identifier for an e-invoice returned by the Invoice Registration Portal.
GST & Indirect TaxISO
International Organization for Standardization — an independent, non-governmental international body that develops voluntary consensus standards for…
Compliance & RegistrationsITC
Input Tax Credit — the GST paid on inputs and input services that a taxpayer can claim as a credit against his output GST liability.
GST & Indirect TaxITR
Income Tax Return — the prescribed form in which a taxpayer reports total income, deductions, and tax payable to the Income Tax Department.
Income TaxK
1L
4Labour Welfare Fund
A state-level fund that provides financial assistance and welfare benefits to workers in specified industries, funded by contributions from employers…
HR, Payroll & Labour LawLLP
Limited Liability Partnership — a hybrid entity combining the benefits of a company (limited liability) and a partnership (flexible governance),…
Corporate LawLRS
Liberalised Remittance Scheme — a RBI scheme allowing resident individuals to remit up to USD 2,50,000 per financial year for permitted current and…
FEMA & International TaxLTCG
Capital gain on an asset held beyond the long-term holding period for that asset type.
Income TaxM
7MAT
Alternative tax on companies at a rate on book profit when regular tax is lower.
Income TaxMaternity Benefit
A statutory benefit provided to women employees under the Maternity Benefit Act, 1961 (amended 2017), for absence from work during pregnancy and…
HR, Payroll & Labour LawMCA
Ministry of Corporate Affairs — the central government ministry responsible for administering the Companies Act 2013, LLP Act 2008, and other…
Corporate LawMinimum Wages
The minimum statutory wage rate that an employer must pay to a worker, notified by the central or state government for scheduled employments under…
HR, Payroll & Labour LawMoA
Memorandum of Association — the constitutional document of a company defining its name, objectives, and capital.
Company LawMOA and AOA
Memorandum of Association and Articles of Association — the constitutional documents defining a company scope and internal rules.
Company LawMSME
Micro, Small and Medium Enterprises — businesses classified by investment in plant and machinery and annual turnover, as per the MSMED Act, 2006.
Compliance & RegistrationsN
7NACH
National Automated Clearing House — a centralised payment system operated by NPCI that facilitates bulk electronic payments and collections.
Banking & FinanceNEFT
National Electronic Funds Transfer — a centralised, nation-wide payment system operated by the Reserve Bank of India that facilitates one-to-one…
Banking & FinanceNil-Rated Supply
A supply carrying a 0% GST rate with no tax levied and generally no input credit.
GST & Indirect TaxNo-Claim Bonus
A discount or reward given by the insurer on the renewal premium if the policyholder does not make a claim during the previous policy year.
InsuranceNOC
No Objection Certificate — a document issued by a lender confirming that the borrower has no outstanding dues on a loan.
Banking & FinanceNPCI
National Payments Corporation of India — the umbrella organisation for all retail payment systems in India, owned by a consortium of major banks.
Banking & FinanceNRI
Non-Resident Indian — an Indian citizen or person of Indian origin who resides outside India for purposes of employment, business, or other…
FEMA & International TaxO
3Old vs New Regime
Two alternative tax structures for individuals and HUFs — the old regime with most exemptions, and the new default regime with lower slab rates but…
Income TaxOld vs New Tax Regime
Section 115BAC (new regime) drops deductions for lower slab rates; old regime keeps them.
Income TaxOPC
One Person Company — a private company with only one member (Section 2(62) of the Companies Act, 2013).
Corporate LawP
10P&L Statement
Statement of Profit and Loss — a financial statement summarising revenues, expenses, and profit or loss for a period.
Accounting & AuditPAN
Permanent Account Number — a ten-character alphanumeric identifier issued by the Income Tax Department to every taxpayer.
Income TaxPAN vs TAN
PAN is a universal tax identity for all taxpayers; TAN is specifically for entities deducting or collecting tax at source.
Income TaxPatent
An exclusive right granted for an invention, providing the owner the right to exclude others from making, using, selling, or importing the patented…
Intellectual PropertyPatent Infringement
The unauthorised making, using, selling, offering for sale, or importing of a patented invention in India, in violation of the patentee's exclusive…
Intellectual PropertyPCT
Patent Cooperation Treaty — an international patent filing treaty administered by WIPO that lets applicants seek patent protection in multiple…
Intellectual PropertyPremium
The amount paid by the policyholder to the insurance company, either as a lump sum or periodically, to keep the insurance cover active.
InsurancePrivate Limited Company
A company that restricts the right to transfer its shares, limits the number of members to 200, and prohibits any invitation to the public to…
Corporate LawProfessional Tax
A state-level tax on professionals, traders, and employees, levied under the State List (Entry 60) of the Constitution.
Compliance & RegistrationsProfessional Tax Registration
State-level registration required of employers, professionals, and traders for deducting/depositing professional tax on salaries or business income.
Compliance & RegistrationsR
9RBI
Reserve Bank of India — the central bank of India, established under the RBI Act, 1934, responsible for regulating the issue and supply of the Indian…
Banking & FinanceRegistration Fee
A fee paid to the state government for registering a property transaction, typically 1% of the property value, in addition to stamp duty.
Real Estate & RERARental Yield
The annual rental income from a property as a percentage of its market value or acquisition cost, used to evaluate property investment returns.
Real Estate & RERARERA
Real Estate (Regulation and Development) Act, 2016 — a central law that regulates the real-estate sector and protects home-buyers' interests.
Real Estate & RERAReverse Charge
GST payable by the recipient of goods or services instead of the supplier, as notified under Section 9(3) or 9(4) of the CGST Act.
GST & Indirect TaxReverse Charge Mechanism
RCM shifts GST payment liability from seller to buyer for specified goods and services.
GST & Indirect TaxROC
Registrar of Companies — the authority under the Ministry of Corporate Affairs responsible for regulating companies and LLPs in India.
Corporate LawROC Filing
Annual compliance filings by companies and LLPs with the Registrar of Companies under the Companies Act.
Company LawRTGS
Real Time Gross Settlement — a payment system that settles fund transfers in real time, on a transaction-by-transaction basis, without netting.
Banking & FinanceS
16SAC Code
Services Accounting Code — a 6-digit code used to classify services for GST purposes.
GST & Indirect TaxSalary Structure
The breakdown of an employee's total compensation into components like basic salary, HRA, special allowances, and other benefits for tax and…
HR, Payroll & Labour LawSection 17 of Income Tax Act
The section of the Income Tax Act that defines 'salary' income and lists the components that constitute taxable salary, including perquisites,…
HR, Payroll & Labour LawSection 24(b)
Income Tax provision allowing a deduction of up to ₹2 lakh per year on interest paid on a self-occupied home loan.
Real Estate & RERASection 44AD
Section 44AD: presumptive taxation for businesses with turnover up to ₹3 crore (₹75 lakh if cash >5%). 8% deemed income (6% digital). Tax limit, advance tax, ITR-4, and applicability explained.
Income TaxSection 44AD vs 44ADA
44AD = business presumptive (turnover-based); 44ADA = professional presumptive (gross receipts-based).
Income TaxSection 44AD vs 44AE
44AD covers general small businesses at 6-8% of turnover; 44AE covers goods transport operators at ₹1,000/ton/month.
Income TaxSection 44ADA
Section 44ADA: presumptive taxation for professionals with gross receipts up to ₹75 lakh (₹50 lakh if cash >5%). 50% deemed income. ITR-4 and applicability explained.
Income TaxSection 8 Company
A company registered under Section 8 of the Companies Act, 2013 for promoting commerce, art, science, sports, education, research, social welfare,…
Compliance & RegistrationsSection 80C
Deduction of up to ₹1.5 lakh per year on specified investments and expenses such as EPF, PPF, ELSS, life insurance, home-loan principal, and tuition…
Income TaxSection 80D
Deduction on health-insurance premiums and preventive-health-checkup expenses for self, family, and parents.
Income TaxSGST
State Goods and Services Tax — the state government's share of GST levied on intra-state transactions.
GST & Indirect TaxShop and Establishment Act
A state-level labour law regulating the working conditions, hours of work, leave, and other conditions of employment in shops, commercial…
Compliance & RegistrationsStamp Duty
A state-level tax paid on the value of a property at the time of purchase or transfer, levied under the Indian Stamp Act, 1899.
Real Estate & RERASTCG
Capital gain on an asset sold within the short-term holding period for that asset type.
Income TaxSum Assured
The fixed amount that the insurance company agrees to pay to the nominee on the insured event (death or maturity) under a life-insurance policy.
InsuranceT
9TAN
Tax Deduction Account Number — a 10-digit alphanumeric ID required by every person who deducts or collects tax at source.
Income TaxTax Audit
Statutory audit of books by a CA for businesses and professionals exceeding specified turnover thresholds under Section 44AB.
Accounting & AuditTCS
Tax collected by a seller from the buyer on specified goods and transactions under Section 206C.
Income TaxTDS
Tax Deducted at Source — tax withheld by the payer at the time of making specified payments such as salary, rent, interest, and professional fees.
Income TaxTDS 24Q vs 26Q vs 27Q
24Q = salary TDS · 26Q = non-salary TDS · 27Q = TCS — one form per quarter per category.
Income TaxTerm Insurance
A pure life-insurance plan that provides financial cover to the nominee in case of the policyholder's death within the policy term, with no maturity…
InsuranceTIS
Real-time TDS/TCS credit view inside the Annual Information Statement.
Income TaxTrademark
A distinctive mark, logo, word, phrase, symbol, or design that identifies and distinguishes the source of goods or services of one party from those…
Intellectual PropertyTrademark Class
One of 45 categories under the Nice Classification used to group similar goods and services for trademark registration.
Intellectual PropertyU
5UAN
Universal Account Number — a 12-digit unique identifier issued by the EPFO to every member of the Employees' Provident Fund.
HR, Payroll & Labour LawUAT
The MCA acknowledgement number that identifies a filed form for status tracking.
Company LawUdyam Registration
The free, online registration process for MSMEs on the Udyam portal (udyamregistration.gov.in), introduced in 2020.
Compliance & RegistrationsUPI
Unified Payments Interface — a real-time payment system developed by the National Payments Corporation of India that enables instant inter-bank…
Banking & FinanceUTGST
The CGST-paired tax that replaces SGST in Union Territories without a state legislature.
GST & Indirect TaxW
1Z
1145 terms total. Select a letter above to filter, use the category chips to jump to a topic, or search to find a specific term.
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