India Tax Glossary
Simple explanations of tax terms for business owners
Advance Tax
Tax paid in installments during the financial year when liability exceeds Rs 10,000.
Company LawAOC-4
Annual return filed with ROC containing financial statements.
Labor LawEPFO (Employees Provident Fund Organisation)
Government body managing provident fund contributions for employees.
Labor LawESI (Employees State Insurance)
Social security scheme providing medical and cash benefits to employees.
RegulatoryFSSAI (Food Safety and Standards Authority)
Regulatory body for food safety requiring annual returns from food businesses.
TaxGST (Goods and Services Tax)
Unified indirect tax replacing multiple state and central taxes in India.
GSTGSTIN
15-digit GST Identification Number unique to each registered taxpayer.
GSTGSTR-1
Monthly/quarterly GST return for outward supplies (sales).
GSTGSTR-3B
Monthly GST summary return with self-assessed tax liability.
GSTHSN Code
Harmonized System of Nomenclature code for classifying goods under GST.
GSTInput Tax Credit (ITC)
Credit for GST paid on business purchases, used to offset GST liability.
Income TaxITR (Income Tax Return)
Annual return filed by individuals and businesses to report income and tax.
Company LawMGT-7
Annual return filed with ROC containing company details and shareholder info.
IdentityPAN (Permanent Account Number)
10-character alphanumeric identifier for Indian taxpayers.
GSTQRMP Scheme
Quarterly Returns Monthly Payment scheme for small GST taxpayers.
Company LawROC (Registrar of Companies)
Government office maintaining company records and receiving annual filings.
GSTSAC Code
Service Accounting Code for classifying services under GST.
Income TaxTDS (Tax Deducted at Source)
Tax deducted from payments like salary, interest, rent before they are paid.
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