Tax
34 terms with concise definitions
Advance Tax
TermIncome tax paid in installments during the financial year based on estimated income.
Arm's Length Price
TermPrice charged in a transaction between related parties as if they were independent.
Business PAN
TermPermanent Account Number issued to businesses for tax identification in India.
Capital Gains
TermProfit earned from the sale of a capital asset.
Direct Tax
TermTax paid directly by a person or entity to the government, like income tax.
Double Taxation
TermSituation where the same income is taxed in two jurisdictions.
Form 16
TermTDS certificate issued by employers to salaried employees.
Form 26AS
TermAnnual tax statement showing TDS, TCS, and tax payments.
Home Loan Interest
TermInterest paid on housing loan, often eligible for tax benefits.
House Rent Allowance (HRA)
TermSalary component for rent expenses with potential tax exemption.
Income Tax
TermDirect tax on income earned by individuals and entities.
Indirect Tax
TermTax collected by intermediaries on goods or services, like GST.
Long-term Capital Gains
TermProfits from sale of assets held beyond a specified period.
Lower Deduction Certificate (LDC)
TermCertificate allowing tax deduction at a reduced rate.
Minimum Alternate Tax (MAT)
TermTax on book profits when regular tax liability is low.
Nexus
TermLevel of presence that creates tax or regulatory obligations in a jurisdiction.
Non-resident (NRI)
TermPerson who is not resident in India for tax purposes.
Notice of Demand
TermTax notice requiring payment of a specified amount.
PAN
TermPermanent Account Number used for tax identification in India.
Professional Tax
TermState-level tax on professions, trades, and employment.
Provisional Assessment
TermTemporary tax assessment subject to final determination.
Quarterly TDS Statement
TermPeriodic statement reporting tax deducted at source.
Section 80C
TermIncome tax provision allowing deductions for specified investments.
Self Assessment Tax
TermTax paid by the taxpayer after computing own liability.
TAN
TermTax Deduction and Collection Account Number for TDS/TCS filers.
TCS
TermTax Collected at Source by sellers on specified transactions.
TDS
TermTax Deducted at Source from payments such as salary, rent, or fees.
Transfer Pricing
TermPricing of transactions between related entities across borders.
VAT
TermValue Added Tax applied on goods and services in some jurisdictions.
Wealth Tax
TermTax on net wealth; currently abolished in India.
Withholding Tax
TermTax withheld by a payer and remitted on behalf of the recipient.
Year of Assessment
TermPeriod in which income tax is assessed for a previous year’s income.
Zonal Tax Office
TermRegional tax authority office handling area-specific cases.
Zone-wise Exemption
TermTax or regulatory relief provided for specific geographic zones.