A
ADT-1Form intimating appointment of a company auditor. Read more → Advance taxTax paid in instalments during the year where liability after TDS is ₹10,000 or more. Read more → Aggregate turnoverAll-India turnover of a PAN (taxable, exempt, exports, inter-State) excluding taxes and inward RCM. Read more → AOC-4Form for filing financial statements with the ROC. Read more → ASMT-10GST notice of discrepancies found in scrutiny of returns. Read more → Assessment Year (AY)Under the 1961 Act, the year following the previous year in which income is assessed. AY 2026-27 relates to income of FY 2025-26 – the last year under the old Act. Read more → B
Belated returnReturn filed after the due date but by 31 December of the following year, with late fee. Read more → Blocked creditITC not allowed under Section 17(5) – e.g. motor vehicles, food, works contract for immovable property. Read more → C
Capital assetProperty of any kind held by a person, other than stock-in-trade, personal effects and certain exclusions. Read more → Capital Gains Account SchemeBank deposit scheme to park capital gains until reinvestment for Section 54/54F exemption. Read more → CARO 2020Companies (Auditor's Report) Order – additional reporting by statutory auditors. Read more → CGST / SGST / IGST / UTGSTCentral, State, Integrated and Union Territory GST.Composition schemeSimplified GST scheme with a flat rate on turnover and no ITC. Read more → D
Defective returnA return with missing information or reports; must be corrected within 15 days of notice under Section 139(9) / 263(7). Read more → Depreciation (WDV)Allowance for wear and tear on the written-down value of each block of assets. Read more → DIN (Document Identification Number)Unique number on every genuine income-tax notice or order. Read more → DIR-3 KYCKYC of directors, now once every three financial years by 30 June. Read more → DPIIT recognitionStart-up recognition from the Department for Promotion of Industry and Internal Trade. Read more → DPT-3Annual return of deposits and exempted receipts, by 30 June. Read more → DRC-01AIntimation of tax ascertained before a show cause notice. Read more → DTAADouble Taxation Avoidance Agreement between India and another country. Read more → E
E-invoice / IRNB2B invoices reported to the IRP for an Invoice Reference Number, for businesses above ₹5 crore turnover. Read more → E-verificationVerifying the ITR online (Aadhaar OTP, net banking, DSC) within 30 days of filing. Read more → E-way billElectronic document for movement of goods above ₹50,000. Read more → F
FC-GPRForm reporting issue of shares to a foreign investor, within 30 days. Read more → FCNR depositForeign currency term deposit for NRIs; interest exempt while non-resident. Read more → FDIForeign direct investment into an Indian company under FEMA NDI Rules. Read more → FLA returnAnnual return on foreign liabilities and assets filed with RBI by 15 July. Read more → G
GSTGoods and Services Tax – destination-based tax on supply, levied as CGST + SGST or IGST. Read more → GSTATGST Appellate Tribunal – second appeal forum; Principal Bench in New Delhi. Read more → GSTIN15-character GST identification number. Read more → GSTR-1Monthly or quarterly statement of outward supplies. Read more → GSTR-1AOptional form to amend GSTR-1 of the same period before filing GSTR-3B. Read more → GSTR-2BStatic monthly statement of ITC available, based on suppliers' filings. Read more → GSTR-9 / 9CAnnual return and reconciliation statement. Read more → H
Health & education cess4% levied on income tax plus surcharge.HSN / SACClassification codes for goods (HSN) and services (SAC) on invoices. Read more → I
ICAIThe Institute of Chartered Accountants of India, the statutory body regulating chartered accountants.IMS (Invoice Management System)GST portal facility to accept, reject or keep pending supplier invoices before GSTR-2B is generated. Read more → INC-20ADeclaration of commencement of business within 180 days of incorporation. Read more → IndexationInflation adjustment of cost – removed for transfers after 23 July 2024, except an option for residents on land/buildings acquired before that date. Read more → Intimation u/s 143(1)Processing result of the return – nil, refund or demand. Read more → ITR-U (Updated return)Return filed within 48 months of the end of the relevant year to report additional income, with additional tax. Read more → L
Lower deduction certificateCertificate allowing TDS at a lower or nil rate (Section 197 / 395). Read more → LRSLiberalised Remittance Scheme – residents can remit up to USD 2,50,000 a year.LTCG / STCGLong-term and short-term capital gains, depending on holding period (12 months for listed equity, 24 months for most other assets). Read more → LUTLetter of Undertaking to export goods or services without paying IGST.M
Marginal reliefRelief that prevents tax (or surcharge) from exceeding the income earned above a threshold, such as ₹12 lakh or ₹50 lakh. Read more → MGT-7 / MGT-7AAnnual return of a company (7A for small companies and OPCs). Read more → N
New tax regimeThe default regime for individuals (Section 202 of the 2025 Act, earlier 115BAC) with lower slab rates and few deductions. Read more → NRE / NRO accountRupee accounts for NRIs – NRE for foreign earnings (tax-free interest, repatriable), NRO for Indian income. Read more → O
Old tax regimeThe optional regime with higher slab rates but deductions such as 80C, 80D, HRA and home-loan interest. Read more → One Person Company (OPC)Company with a single member and limited liability. Read more → P
Place of supplyLocation that decides whether a supply is inter-State (IGST) or intra-State (CGST+SGST).Pre-depositMandatory part payment of disputed tax to file an appeal (10% for GST first appeal). Read more → Presumptive taxationSimplified scheme where income is taken at a fixed percentage of turnover (44AD/44ADA/44AE; Section 58 of the 2025 Act). Read more → Previous YearThe financial year in which income is earned, under the 1961 Act. Replaced by "Tax Year" in the 2025 Act. Read more → Q
QRMPQuarterly Return Monthly Payment scheme for taxpayers up to ₹5 crore turnover. Read more → R
ReassessmentRe-opening of an earlier year where income escaped assessment (Sections 147–148A; 279–281 of the 2025 Act). Read more → Rebate (87A / Section 156)Reduction of tax for resident individuals – up to ₹60,000 where income is up to ₹12 lakh in the new regime. Read more → Repeal and savings (Section 536)Provision of the 2025 Act that repeals the 1961 Act while saving earlier-year proceedings. Read more → Residential statusResident, RNOR or non-resident – decides whether global income is taxed in India. Read more → Reverse charge (RCM)Recipient, not supplier, pays GST on notified supplies. Read more → Revised returnReturn filed to correct an earlier return – allowed up to 31 March after the year end (fee after 31 December). Read more → RNORResident but Not Ordinarily Resident – taxed broadly like a non-resident on foreign income. Read more → Rule 86BRule requiring at least 1% of output tax in cash for taxable value above ₹50 lakh a month (with exceptions).S
Schedule FAITR schedule for reporting foreign assets and income by residents. Read more → Scrutiny assessmentDetailed examination of a return after a notice under Section 143(2) (Section 270 of the 2025 Act), now done faceless. Read more → Section 393The consolidated TDS section of the Income-tax Act, 2025, with tables covering what were Sections 192A–196D. Read more → Section 40A(3)Disallowance of expenses paid in cash above ₹10,000 per person per day. Read more → Section 43B(h)Payments to micro and small enterprises allowed only if paid within MSMED Act time limits. Read more → Section 74ASingle GST demand provision for FY 2024-25 onwards, covering fraud and non-fraud cases. Read more → Section 80-IACTax holiday for eligible DPIIT-recognised start-ups (Section 140 of the 2025 Act). Read more → Self-assessment taxBalance tax paid before filing the return.SPICe+Integrated MCA web form for company incorporation with PAN, TAN, GSTIN and more. Read more → Stamp duty valueValue adopted by the State for stamp duty; used as sale value under Section 50C where higher. Read more → Standard deductionFlat deduction from salary or pension – ₹75,000 in the new regime and ₹50,000 in the old regime. Read more → Statutory auditAudit of financial statements required under the Companies Act or LLP Act. Read more → SurchargeAdditional tax on tax for higher incomes: 10%, 15%, 25% (and 37% in the old regime above ₹5 crore). Read more → T
TANTax Deduction and Collection Account Number – needed by deductors (not by individuals filing Form 141).Tax auditAudit of accounts by a CA under Section 44AB / 63 when turnover or receipts exceed limits. Read more → Tax Residency Certificate (TRC)Certificate from the foreign tax authority needed to claim DTAA benefits. Read more → Tax YearUnder the Income-tax Act, 2025, the financial year (1 April–31 March) in which income is earned. It replaces "previous year" and "assessment year" from Tax Year 2026-27. Read more → TCS (Tax Collected at Source)Tax collected by a seller or remitting bank on specified sales and foreign remittances.TDS (Tax Deducted at Source)Tax deducted by the payer from specified payments and deposited with the government. Read more → TRACESTDS reconciliation portal for statements, corrections, certificates and defaults. Read more → U
UDINUnique Document Identification Number generated by a CA for every certificate and audit report.Udyam registrationFree online MSME registration based on investment and turnover. Read more → 