Tax, GST and Company Law Glossary

Income tax paid in instalments during the year instead of in one go after the year ends.

The total value of all taxable, exempt and export supplies made by a business under one PAN across India.

The yearly meeting of a company's shareholders to adopt accounts, declare dividends and appoint auditors.

The MCA form used to file a company's financial statements every year.

The year after a financial year, in which that year's income is assessed and the return is filed.

Authorised capital is the maximum share capital a company can issue under its MOA; paid-up capital is the amount actually issued and paid.

An income tax return filed after the due date but before 31 December of the assessment year.

Profit from selling a capital asset such as shares, mutual funds, property or gold.

The 21-character number given to every company on incorporation.

Credit Monitoring Arrangement data: a set of past and projected financial statements in the format banks use to assess loans.

A simple GST scheme for small businesses that pay tax at a low fixed rate on turnover.

An index notified by CBDT each year to adjust the purchase cost of an asset for inflation.

A unique number allotted by MCA to every person who wants to be a director of a company.

Recognition from the government's Startup India scheme for young, innovative businesses.

An electronic signature used to sign forms filed with MCA, the income tax portal and GST.

A ratio of cash available for repaying loans to the loan repayments due in a year.

A tax treaty between India and another country that prevents the same income from being taxed twice.

A B2B invoice reported to the government's Invoice Registration Portal, which returns an IRN and QR code.

An electronic document needed to move goods worth more than ₹50,000.

The fixed monthly payment that repays a loan's principal and interest over its tenure.

A retirement savings scheme where employer and employee each contribute 12% of basic pay and DA.

A health and social security scheme for employees earning up to ₹21,000 a month.

A plan giving employees the right to buy company shares at a fixed price after a vesting period.

The 12-month accounting period from 1 April to 31 March used for tax, GST and company accounts in India.

The TDS certificate an employer gives each employee, showing salary paid and tax deducted for the year.

Statements on the income tax portal showing tax credits, TDS, TCS and high-value transactions linked to your PAN.

A lump sum paid by an employer to an employee who leaves after continuous service, usually five years.

The 15-character GST identification number given to every registered business.

The GST return that reports details of outward supplies (sales).

The monthly or quarterly summary GST return through which tax is paid.

The annual GST return summarising a year's supplies, tax paid and input tax credit.

A 4% levy on income tax plus surcharge, paid by every taxpayer who owes tax.

A salary allowance for rent, part of which is tax-free under the old regime.

Codes used to classify goods (HSN) and services (SAC) under GST.

The three components of GST: integrated GST on inter-state supplies, and central and state GST on intra-state supplies.

Credit for GST paid on business purchases, which can be used to pay GST on sales.

A business structure that combines a partnership's flexibility with limited liability for partners.

The two annual filings for an LLP: Form 11 is the annual return and Form 8 is the statement of accounts and solvency.

The annual return a company files with MCA, giving details of shareholders, directors and meetings.

The memorandum of association states a company's name, objects and capital; the articles of association set its internal rules.

The default income tax system with lower slab rates and very few deductions.

The income tax system with higher slab rates that allows deductions such as HRA, 80C, 80D and home loan interest.

A private company with a single member and a nominee, giving a solo founder limited liability.

A 10-character ID issued by the Income Tax Department to every taxpayer, written as five letters, four digits and one letter.

The location that decides whether a sale is within a state or between states for GST.

A scheme where small businesses and professionals declare profit at a fixed rate of turnover instead of keeping full books.

A tax levied by some states on salaries, professions and trades, capped at ₹2,500 a year.

Quarterly Return Monthly Payment: a scheme letting businesses with turnover up to ₹5 crore file GST returns quarterly.

A tax rebate that makes income up to ₹12 lakh tax-free for resident individuals under the new regime.

Your tax status as resident, resident but not ordinarily resident, or non-resident, which decides what income India can tax.

A rule under which the buyer, not the supplier, pays GST on certain supplies.

A return filed to correct a mistake or omission in a return you have already filed.

A deduction of up to ₹1.5 lakh a year for investments and payments such as PF, PPF, ELSS, life insurance, tuition fees and home loan principal.

A deduction for health insurance premiums and preventive check-ups for yourself, your family and your parents.

The balance tax, with interest, that you pay yourself before filing your return.

The MCA web form used to incorporate a company, reserve its name and get PAN, TAN, EPFO, ESIC and a bank account in one application.

A flat deduction from salary or pension income, with no proof needed.

Removal of a company's name from the register of companies, which ends its existence.

An extra tax on high incomes, charged as a percentage of income tax.

An audit of accounts by a chartered accountant required under section 44AB for larger businesses and professionals.

Under the Income-tax Act, 2025, the 12 months from 1 April to 31 March in which income is earned and taxed.

Tax that a seller collects from the buyer on specified sales and deposits with the government.

Tax that the payer deducts while making certain payments, such as salary, rent or professional fees, and deposits with the government.

Free online registration that gives a business its MSME status.

A return that lets you report missed income within 48 months from the end of the assessment year, by paying extra tax.

An outsourced chief financial officer who handles a business's financial planning, reporting and compliance part-time.

The money a business needs for day-to-day operations, equal to current assets minus current liabilities.