🧾 Tax Glossary
Understand key terms related to taxation in a simple and concise way.
Income Tax
Tax imposed by the government on the income earned by individuals and businesses.
GST (Goods and Services Tax)
An indirect tax levied on the supply of goods and services.
TDS (Tax Deducted at Source)
Tax deducted at the point of income payment, such as salary or interest.
PAN (Permanent Account Number)
A 10-character alphanumeric identifier issued by the Income Tax Department.
ITR (Income Tax Return)
A form filed to report income, expenses, and taxes paid to the Income Tax Department.
Exemption
Portion of income that is not taxable under certain sections.
Deduction
Amount subtracted from gross income for eligible expenses or investments.
Refund
Amount returned by the tax department when excess tax has been paid.
Assessment Year
The year following the financial year in which income is assessed and taxed.
Financial Year
The year in which income is earned, typically from April 1 to March 31.
Advance Tax
Tax paid in advance instead of a lump sum at year-end, typically in installments.
Capital Gains
Profit earned on the sale of capital assets like property, stocks, or bonds.
Form 16
A certificate issued by an employer that provides details of salary and TDS.
Self-Assessment Tax
Remaining tax paid by the taxpayer after TDS and advance tax have been deducted.
Rebate
A reduction in the total tax payable, usually allowed under special provisions.
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