Plain-language definitions for 40+ tax terms used in income tax, GST, TDS, and corporate compliance — no jargon, no confusion.
A comprehensive statement on the Income Tax Portal that shows all financial transactions reported to the tax department against your PAN — salary, dividends, capital gains, interest, mutual fund redemptions, and foreign remittances. It is sourced from employers, banks, SEBI, and other reporting entities. Always cross-check your AIS before filing ITR.
Use Free Tax CalculatorThe year immediately following the financial year in which you assess and file taxes on income earned. For example, income earned between April 1, 2025 and March 31, 2026 (FY 2025-26) is assessed in AY 2026-27 — meaning you file your ITR in AY 2026-27 for that income.
ITR Last Date AY 2026-27Tax paid in installments during the financial year (rather than as a lump sum at year-end) when total tax liability exceeds ₹10,000. Payable in 4 installments: 15% by June 15, 45% by September 15, 75% by December 15, and 100% by March 15. Applicable to salaried individuals with other income, business owners, and F&O traders.
See All Tax DeadlinesAn income tax return filed after the original due date (August 31 for AY 2026-27 individuals) but before December 31 of the assessment year. Filing a belated return attracts a late fee under Section 234F (₹1,000 or ₹5,000 depending on income) and forfeits the right to carry forward losses (except house property loss).
File ITR with FinsyncXA document issued instead of a tax invoice by GST-registered businesses in two cases: (1) supplies of exempted goods/services, and (2) composition scheme dealers. Since composition dealers cannot charge GST, they must issue a Bill of Supply (not a Tax Invoice), and their buyers cannot claim ITC on these purchases.
Free Invoice GeneratorProfit earned from the sale of a capital asset (shares, mutual funds, property, gold, etc.). Short-term capital gains (STCG) arise when the asset is held for less than the specified period (1 year for listed equity, 2 years for property). Long-term capital gains (LTCG) are taxed at lower rates — 12.5% on equity LTCG above ₹1.25 lakh (FY 2025-26) and 20% with indexation for property.
Capital Gains ITR FilingA simplified GST option for small businesses with turnover up to ₹1.5 crore (goods) or ₹50 lakh (services). Composition dealers pay a flat tax rate (1%–6%) on turnover, file only GSTR-4 (annual) and CMP-08 (quarterly), but cannot claim ITC or collect GST from customers.
Composition vs Regular GST GuideA bilateral treaty between India and foreign countries that prevents the same income from being taxed in both countries. Under DTAA, an NRI earning income in India may pay tax at a reduced rate or claim credit for taxes paid abroad. India has DTAAs with 90+ countries including USA, UK, UAE, Singapore, and Australia.
NRI ITR Filing ServicesA unique 8-digit number allotted to every Director of a company in India by the Ministry of Corporate Affairs (MCA). DIN is required for appointment as a Director. All DIN holders must complete annual Director KYC (Form DIR-3 KYC) by September 30 each year to keep the DIN active.
Director KYC DeadlineA GST invoice generated through the Invoice Registration Portal (IRP) that receives a unique Invoice Reference Number (IRN) and QR code. Mandatory for GST-registered businesses with turnover above ₹5 crore. E-invoices are automatically reflected in the buyer's GSTR-2B for ITC claim.
Free Invoice GeneratorThe process of filing income tax returns electronically through the Income Tax Department's portal (incometax.gov.in). E-filing is mandatory for individuals with income above ₹5 lakh and for all businesses. After submission, the return must be verified online (through Aadhaar OTP, net banking, or EVC) or by sending a signed ITR-V to CPC Bengaluru.
File ITR with FinsyncXDerivative instruments traded on stock exchanges. Income from F&O trading is classified as non-speculative business income under the Income Tax Act (Section 43(5)) and taxed at slab rates — not as capital gains. F&O traders must file ITR-3 and maintain books of accounts if turnover exceeds ₹25 lakh.
F&O ITR Filing GuideA TDS certificate issued by employers to salaried employees by June 15 each year. It has two parts: Part A (summary of TDS deducted and deposited) and Part B (details of salary paid and deductions allowed). Form 16 is the primary document needed for ITR filing for salaried individuals.
ITR Documents ChecklistThe 12-month accounting period from April 1 to March 31 used in India for income tax purposes. FY 2025-26 covers April 1, 2025 to March 31, 2026. Income earned in this FY is reported in ITR filed for AY 2026-27 (the corresponding Assessment Year).
ITR Filing DeadlinesA comprehensive indirect tax levied on the supply of goods and services in India, implemented from July 1, 2017. GST replaced a complex web of central and state taxes (excise, VAT, service tax, etc.). GST has four main rate slabs: 5%, 12%, 18%, and 28%. It is administered jointly by the Centre and states through the GST Council.
GST Registration ServicesA return for reporting all outward (sales) supplies made during a month or quarter. Monthly filers (turnover above ₹5 crore) file by the 11th of the next month. Quarterly filers (QRMP scheme, turnover up to ₹5 crore) file by the 13th of the month after the quarter. Data from GSTR-1 auto-populates in the buyer's GSTR-2B for ITC claims.
GST Filing DeadlinesA monthly self-assessed summary return where a taxpayer declares total outward supplies, total ITC available, ITC utilized, and net tax payable. GSTR-3B is filed by the 20th of the following month. Tax payment is made at the time of filing. It does not contain invoice-level details — those are in GSTR-1.
GST Filing ServicesGSTR-9 is the annual GST return reconciling figures from all monthly/quarterly returns filed during the year. GSTR-9C is a reconciliation statement certified by a CA (applicable for taxpayers with turnover above ₹5 crore). Both are typically due by December 31 for the preceding financial year.
Annual Return DeadlinesA salary component provided by employers for employees living in rented accommodation. HRA exemption under Section 10(13A) is the least of: (i) actual HRA received; (ii) rent paid minus 10% of basic salary; (iii) 50% of basic salary (metro cities: Delhi, Mumbai, Kolkata, Chennai) or 40% (non-metro). HRA is NOT available under the new tax regime.
Free HRA Exemption CalculatorThe mechanism that allows GST-registered businesses to claim credit for GST paid on inputs (purchases) against the GST collected on outputs (sales). The net GST payable = Output GST − ITC. ITC can be claimed only if the supplier has filed their GSTR-1 and the amount reflects in your GSTR-2B. ITC is NOT available to composition dealers.
GST ITC AdvisoryThe second appellate authority under the Income Tax Act. Taxpayers who are aggrieved by orders of the Commissioner of Income Tax (Appeals) [CIT(A)] can file an appeal before ITAT. ITAT orders are final on questions of fact; further appeals on questions of law go to the High Court and Supreme Court.
Tax Litigation ServicesA form submitted to the Income Tax Department declaring total income, deductions claimed, and taxes paid for a financial year. Seven ITR forms exist: ITR-1 (salaried, income up to ₹50L), ITR-2 (capital gains, foreign income), ITR-3 (business/profession), ITR-4 (presumptive income), ITR-5/6/7 (firms, companies, trusts). The due date for individuals is August 31 (AY 2026-27).
ITR Filing from ₹999A return filed under Section 139(8A) to correct omissions or errors in previously filed (or unfiled) ITRs. ITR-U can be filed up to 2 years from the end of the relevant assessment year, with an additional tax of 25% (if filed in the 1st year) or 50% (2nd year) on the incremental tax and interest. Cannot be used to claim refunds or reduce tax liability.
Updated Return Filing HelpProfit from the sale of a capital asset held for more than the specified period: 1 year for listed equity shares and equity mutual funds; 2 years for immovable property; 3 years for debt mutual funds (pre-2023). LTCG on equity above ₹1.25 lakh is taxed at 12.5% (FY 2025-26). LTCG on property is taxed at 20% with indexation benefit.
Capital Gains ITR FilingAn optional (now default) income tax regime introduced in Budget 2020 and significantly revised in Budget 2025. FY 2025-26 slabs: Nil up to ₹4L; 5% (₹4L–₹8L); 10% (₹8L–₹12L); 15% (₹12L–₹16L); 20% (₹16L–₹20L); 25% (₹20L–₹24L); 30% above ₹24L. Allows ₹75,000 standard deduction (salaried) and employer NPS contribution. Section 87A rebate of ₹60,000 gives zero tax for taxable income up to ₹12L (gross ₹12.75L for salaried).
New vs Old Regime GuideA person who is a citizen of India or a person of Indian origin who resides outside India. Tax residency is determined by the number of days present in India during a financial year (under Section 6 of the IT Act). NRIs are taxed only on income earned or accrued in India. NRIs must file ITR-2 if their Indian income exceeds the basic exemption limit.
NRI ITR Filing ServicesA 10-character alphanumeric identifier issued by the Income Tax Department to every taxpayer. PAN is mandatory for filing ITR, opening bank accounts, financial transactions above ₹50,000, and GST registration. PAN must be linked with Aadhaar by the deadline specified by the government to remain operative.
File ITR with FinsyncXA government-backed long-term savings scheme with a 15-year lock-in period. PPF contributions (up to ₹1.5 lakh/year) qualify for deduction under Section 80C in the old tax regime. Interest earned and maturity amount are completely tax-free. PPF is particularly popular as a risk-free retirement savings instrument.
ITR Filing with 80C ClaimsThe government office under the Ministry of Corporate Affairs (MCA) responsible for registering companies and LLPs, and maintaining their records. Companies must file annual returns (MGT-7) and financial statements (AOC-4) with the ROC within 60 days of their AGM (typically by November 29 for September 30 AGM companies).
ROC Filing ServicesOne of the most popular income tax deductions — allows up to ₹1.5 lakh per year for investments in PPF, ELSS, NSC, 5-year FD, EPF, LIC premium, home loan principal repayment, Sukanya Samriddhi Yojana, and children's tuition fees. Available only under the old tax regime. Often combined with 80CCD(1B) for NPS to claim an additional ₹50,000.
Calculate Your Tax SavingsDeduction for health insurance premiums paid for self, spouse, children, and parents. Under old regime: up to ₹25,000 for self/family; additional ₹25,000 for parents (₹50,000 if parents are senior citizens). Preventive health check-up expenses (up to ₹5,000) are included. NOT available under the new tax regime.
Tax Calculator with 80DA tax rebate that reduces income tax liability to nil for eligible taxpayers. New tax regime (FY 2025-26, Budget 2025): Rebate of ₹60,000 for taxable income ≤ ₹12 lakh — effectively zero tax. Salaried employees pay zero tax on gross income up to ₹12.75 lakh (after ₹75K standard deduction). Old tax regime: Rebate up to ₹12,500 for income ≤ ₹5 lakh. Note: Special rate incomes (like STCG on equity) do not qualify for the rebate.
Check Your Tax LiabilityProfit from the sale of a capital asset held for less than the specified holding period. STCG on listed equity (held less than 1 year) is taxed at 20% under Section 111A (increased from 15% in Budget 2024, effective after July 23, 2024). STCG on property (held less than 2 years) is taxed at slab rates.
Capital Gains ITR FilingA mechanism where the payer deducts income tax at specified rates before making payment to the recipient. Common TDS scenarios: employer deducts TDS on salary (Section 192), banks deduct 10% TDS on interest above ₹40,000 (Section 194A), buyers deduct TDS on property purchase above ₹50 lakh (Section 194IA). TDS credits appear in Form 26AS and AIS.
Free TDS Rate FinderTax collected by a seller from the buyer at the time of sale. TCS is collected on specified goods and transactions — motor vehicles above ₹10 lakh, foreign remittances above ₹7 lakh (Liberalised Remittance Scheme), e-commerce sellers, and alcohol/tobacco. TCS collected appears in Form 26AS and can be adjusted against tax liability.
TCS Payment DeadlinesA qualified CA or finance professional who provides CFO-level strategic financial services to businesses on a part-time or retainer basis. A Virtual CFO handles MIS reports, financial analysis, compliance oversight (GST, TDS, ROC), cash flow forecasting, fund raising support, and board reporting — at a fraction of the cost of a full-time CFO. Typically costs ₹8,000–₹25,000/month for SMEs.
Virtual CFO ServicesNeed Help?
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