Accrued Income, Generated From Regular Activities, Represented as an Asset, Such as Rent From Tenant
Accrued IncomeAccrued Income, Generated From Regular Activities, Represented as an Asset, Such as Rent From Tenant
Accrued IncomeAdvance Tax is a Tax Paid in Advance, in Installments, During the Same Financial Year.
Advance TaxAgricultural Income, Arises From Activities on Agricultural Land, Tax Exemptions Are Applied.
Agricultural IncomeIncome Tax Allowances, Provided to Employees, Offer Many Benefits and Deductions to Claim.
AllowancesAmalgamation, the Combining of the Two Companies, Helps in Increasing Their Reach and Profits.
AmalgamationAnnual Information Statement Includes Taxpayers' Information, Including Securities, Interests, Divid
Annual Information StatementThe Assessment Year is When Taxes on the Previous Year's Income Are Evaluated, Calculated, and File
Assessment Year (AY)A Balance Sheet is a Financial Statement Containing Assets, Liabilities, and Equity of Shareholders.
Balance SheetBanking Cash Transaction Tax, Imposed on the Larger Cash Withdrawals, Abolished in 2009.
Banking Cash Transaction TaxBasic Exemption Limit, Minimum Income Threshold to File the Income Tax Return.
Basic Exemption LimitBasic Salary, Fixed Part of Salary, Excluding the Bonuses, Allowances, Benefits, Etc.
Basic SalaryBearer Cheque, Enables Easy Transfers and Quick Payments, No Need for Endorsements or Identity Proof
Bearer ChequeThe Best Assessment Judgement Performed by an Assessing Officer on the Financial Conditions of the A
Best Judgment AssessmentCapital, a Financial Term Used for Business Operations, Like Bank Accounts, Stocks, Assets, Etc.
CapitalCapital Assets, Owned by Individuals or Businesses, Long-term Assets, Profitable for Business.
Capital AssetCapital Expenses, Spent to Buy Capital Assets, Expenses Made for the Functioning of the Company.
Capital ExpensesCapital Gains, Profits on the Financial Assets at the Time of Selling.
Capital GainCapital Gain Bonds, Also Section 54EC Bonds, Reduce the LTCG Tax on the Assets.
Capital Gain BondsCapital Gains Exemption, Deductions in Tax Relief, Provides Benefits to Taxpayers.
Capital Gains ExemptionDearness Allowance, Provided to Employees, Gives Protection From Inflation, Taxable Under the It Act
Dearness AllowanceDigital Signature Certificate, an Online Version of a Signature, Used as Identity Proof and to Verif
Digital Signature CertificateDirect Tax, a Type of Tax Imposed on Income, Sales, or Property, Based on the Ability to Pay.
Direct TaxDIN, a Unique Code Assigned to the Documents by Itd, Enhances Security and Efficiency in the Departm
Document Identification NumberDTAA, an Agreement Signed Between the Countries to Avoid Double Taxation.
Double Taxation Avoidance Agreement (DTAA)E-assessment, an Online Process for Conducting Faceless Assessments, No Physical Contact Needed.
E-AssessmentE-Nivaran, a Digital Platform for Registering Grievances, Provides a Quick and Simplified Solution.
E-NivaranE-Proceeding, a Digital Platform Made by ITD, Increases Efficiency and Saves Time.
E-ProceedingsE-verification of ITR is the Filing and Verification of Income Taxes Electronically.
e-Verification of ITRExempt Income, Non-taxable as Per the Income Tax Department, Like Agricultural Income, Etc.
Exempt IncomeFace Value, Mentioned on the Financial Instrument, the Original Amount Given by the Issuer.
Face ValueFaceless Assessment, a Random Allotment of Cases by Ai, Prevents Corruption and Fraud.
Faceless AssessmentFamily Pension, Part of the Employee Benefits, Given to the Family of Pensioners.
Family PensionFinancial Year, 12 Consecutive Months, Used for Business, Accounting, Budgeting, Etc.
Fiscal Year / Financial YearFATCA Prevents Tax Evasion and Requires FFIs to Report Information About U.S. Foreign Account Holder
Foreign Account Tax Compliance ActFEMA, an Act to Manage and Simplify the Foreign Transactions, Remittances, Investments, Etc.
Foreign Exchange Management ActForeign Tax Credit Prevents Double Taxation and Applies to Foreign Income.
Foreign Tax CreditFringe Benefits Tax, a Tax Levied on the Benefits Given to Employees, Insurance, Paid Leaves, Member
Fringe Benefit TaxGeneral Anti-Avoidance Rule, a Regulatory Measure to Prevent Aggressive Tax Planning, Prevents Taxpa
General Anti-Avoidance RuleGift Tax, Imposed on Gifts, Like Cash, Bonds, Jewellery, Buildings, Lands, Checks, Etc.
Gift TaxGlobal Depository Receipts, a Negotiable Financial Instrument, Allow the Underlying Shares to Be Rep
Global Depository ReceiptGratuity, Payment From Employer to Employee, for Services of Five Years or More.
GratuityGross Annual Value, Total Income Earned From Immovable Property, such as Commercial or Residential.
Gross Annual ValueGross Total Income, Final Income Earned Before the Deductions Are Implied.
Gross Total IncomeHeads of Income, Category for Income Earned, Based on the Sources.
Heads of IncomeLegal Heir certificate, gives access to the deceased's tax information to the heir, used to file ITR
Heir’s LiabilityHouse Property Income Tax, Imposed on Housing Properties, on Income Earned From Renting Them.
House Property Income TaxHRA, Allowance for the Cost of Living, Given to the Employees in a Rented Housing System.
HRAHUF, a Legal Unit of Family Members, Formed for Tax Purposes, and Claims Benefits.
HUFHybrid Method of Accounting, a strategy used to manage cash flow, helps in tax deductions.
Hybrid Method of AccountingIncome Computation and Disclosure Standards, the way of computing the taxable income.
Income Computation and Disclosure Standards (ICDS)Income Escaping Assessment, income not disclosed in assessment, reason for reassessment.
Income Escaping AssessmentIncome from other sources, income other than salary, house property, capital gain, business or profe
Income from Other Sources (IFOS)Income Tax, a Type of Direct Tax, is Imposed by the Government on the Income of Individuals or Organ
Income TaxIncome Tax Act, an Act to Manage and Govern the Direct Taxes, by Levying, Collecting, and Administer
Income Tax ActITAT, A Quasi-judicial Body Set by the Central Government, Deals With Appellate Matters.
Income Tax Appellate TribunalIncome Tax Deductions, which are applied to the total taxable income, help decrease tax liabilities.
Income Tax DeductionIncome Tax Department, a Part of the Indian Government, Handles the Levying and Collection of the Ta
Income Tax DepartmentIncome Tax Return, Filed by Taxpayers, Contains a Formal Record of the Collected Tax by the Governme
Income Tax ReturnIndexation, adjusting the current value of a transaction or property by Inflation, helps in reducing
IndexationIndirect Tax, Applied on Goods and Services, Consists of Service Tax, Entertainment Tax, Excise Duty
Indirect TaxIncome Tax Return form, a form to report annual income and taxes, used by taxpayers.
ITR FormA Joint Development Agreement, an Arrangement Between the Developers and the Landowners, Refers to T
Joint Development AgreementJoint Venture, a Partnership Between the Entities to Achieve a Common Business Objective, Contributi
Joint Venture (JV)Karta, the leader of a HUF, makes all the decisions, represents its members in business matters.
KartaKeyman Insurance Policy, a Life Insurance Policy, the Employer is the Proposer and the Payer, Used t
Keyman Insurance PolicyLeave Travel Allowance, concession of travel expenses, given to the employee on a vacation.
Leave Travel AllowanceLong-Term Asset, benefits the company for more than a year, including the fixed assets.
Long Term AssetLong-term capital gain, profit on selling the fixed assets, provides tax benefits.
Long-term Capital GainMarginal Relief, Reduce Tax Burden, Encourage Fairness and Equal Taxation.
Marginal ReliefMAT credit, the difference between MAT and normal tax liability, carried up to 15 years.
MAT CreditMaximum Marginal Tax Rate, Applied to the Last Part of Income, Helps in Tax Planning.
Maximum Marginal RateMinimum Alternate Tax, applicable to all companies, 15% of book profit plus extra charges.
Minimum Alternate TaxNational Pension Scheme: Contribute to Get a Regular Income Post-retirement, Provide Many Investment
National Pension SchemeUnderstand PAN, its full form, meaning, and benefits. Learn why a PAN card is essential for tax fili
Permanent Account NumberPerquisites, free benefits for the employee, can be taxable or non-taxable.
PerquisitesPerson in Income Tax, includes HUFs, Companies, Individuals, Local Authorities, Partnership firms, e
Persons in Income TaxPresumptive Taxation Decreases the Tax Burden, is Helpful for Small Taxpayers, and Offers Tax Benefi
Presumptive TaxationRemittance, Send or Receive Money, Banks Operate in Two Different Countries.
RemittanceReturn of Loss, ITR being filed to manage the loss against the future profits, no ITR for individual
Return of LossRevenue, Income Comes From a Company, Collected by the Government, Income From Investments, Etc.
RevenueRevised Return, a Way to Correct the Taxation Errors, Filed Electronically on the Website.
Revised ReturnRoyalty, income on intellectual assets, eligible for tax deductions.
RoyaltyArrears of Salary, Tax Relief U/s 89, Claim by Filing Form 10E, Reduce the Tax Burden.
Salary ArrearsScrunity Assessment, examining the ITR of a taxpayer, making some corrected adjustments.
Scrutiny AssessmentSelf-Assessment Tax, filed at the end of FY, paid after deducting the advance tax and TDS
Self-Assessment TaxShort-term Capital Asset, Held for a Short Period of Time, Generally for 36 Months.
Short-Term Capital AssetsShort-term Capital Gains, Profits Earned by Selling Assets, Held for 12 Months or Less.
Short-Term Capital GainSpecial audit, conducted for a specific reason, such as compliance audit, construction audit, and ma
Special AuditSpeculative Income, Non-predictable Income, Based on Future Events.
Speculative IncomeSurcharge, an additional charge on income tax, added if you cross the thresholds.
SurchargeSurvey on Income tax, conducted to evaluate the total taxable income of a taxpayer, ensures the prop
SurveyTan, Allotted to Those Who Are Liable for TDS/TCS, Claim Tax Benefits.
TANTax Advisors, Boon for the Taxpayers, Help in Reducing Tax Liabilities, and Claim Maximum Tax Deduct
Tax AdvisorTax Planning, Minimizes the Tax Liabilities, Maximizes the Claimed Benefits.
Tax PlanningTaxation, the Process of Collecting Revenue From People, Used to Fund the Public Services by the Gov
TaxationUnabsorbed Depreciation, a part of the tax depreciation left unabsorbed, can be carried forward for
Unabsorbed DepreciationUnexplained Cash Credits, Funds With No Proper Source, and Higher Tax Rates Forced
Unexplained Cash CreditsUnexplained Investment, Taxed Under Section 69, Investments With an Unknown Source.
Unexplained InvestmentsUnilateral Relief Provides Protection Against Double Taxation a Lesser Tax Applies.
Unilateral ReliefValue Added Tax, Imposed on Goods and Services, Differs for Every State, Benefits the Government.
Value-Added TaxVoluntary Retirement Compensation Provides an Early Retirement Opportunity, Benefits Both the Employ
Voluntary Retirement CompensationWealth Tax, Charged on the Value of Assets, Imposed on Individuals, Companies, or HUFs, Abolished in
Wealth TaxWithholding Tax, Imposed u/s 195, Levied on Payments Made to Non-residents.
Withholding TaxZero Coupon Bond, Less Risk Investment, Fixed Profits, Good for Long-term Investors.
Zero Coupon Bond