11 terms with concise definitions
Income tax paid in advance during the financial year in four quarterly instalments instead of a lump sum on 31 March.
Direct tax levied on the income of individuals, HUFs, firms, companies, and other entities under the Income Tax Act, 1961.
Income Tax Return — the prescribed form in which a taxpayer reports total income, deductions, and tax payable to the Income Tax Department.
Two alternative tax structures for individuals and HUFs — the old regime with most exemptions, and the new default regime with lower slab rates but limited deductions.
Permanent Account Number — a ten-character alphanumeric identifier issued by the Income Tax Department to every taxpayer.
Presumptive-taxation scheme for small businesses with turnover up to ₹3 crore (or ₹75 lakh for specified cash businesses).
Presumptive-taxation scheme for specified professionals (doctors, lawyers, architects, CAs, etc.) with gross receipts up to ₹75 lakh.
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 fees.
Deduction on health-insurance premiums and preventive-health-checkup expenses for self, family, and parents.
Tax Deduction Account Number — a 10-digit alphanumeric ID required by every person who deducts or collects tax at source.
Tax Deducted at Source — tax withheld by the payer at the time of making specified payments such as salary, rent, interest, and professional fees.
