Tax Glossary
Plain-language definitions of the GST and income tax terms you'll come across most often.
A
- Advance tax
- Income tax paid in instalments during the year (15 June, 15 September, 15 December and 15 March) when your tax for the year is ₹10,000 or more.
- Aggregate turnover
- Total value of taxable, exempt and export supplies across India under one PAN, excluding GST. Used to test GST registration and scheme limits.
- AIS
- Annual Information Statement. A statement on the income tax portal showing income and transactions reported about you, such as interest, dividends and share sales.
B
- Belated return
- An income tax return filed after the due date, generally allowed up to 31 December with a late fee.
C
- CGST, SGST and IGST
- The parts of GST: Central and State GST on supplies within a state, and Integrated GST on supplies between states and imports.
- Composition scheme
- A simplified GST scheme for small businesses that pay tax at a fixed rate on turnover but cannot claim input tax credit.
E
- E-invoice
- An invoice reported to the government's Invoice Registration Portal, mandatory for businesses above the notified turnover limit.
- E-way bill
- An electronic document needed to move goods above a specified value, generally ₹50,000.
F
- Form 16
- The annual TDS certificate an employer gives employees, showing salary paid and tax deducted.
- Form 26AS
- A tax credit statement showing TDS, TCS and tax payments linked to your PAN.
G
- GSTIN
- The 15-character GST Identification Number issued on registration.
- GSTR-1
- The GST return that reports your sales (outward supplies).
- GSTR-2B
- An auto-generated monthly statement of input tax credit available to you, based on your suppliers' filings.
- GSTR-3B
- The GST summary return where you declare tax payable and claim input tax credit.
- GSTR-9
- The annual GST return summarising the whole financial year.
H
- HSN and SAC
- Classification codes for goods (HSN) and services (SAC) that determine the GST rate.
I
- Input tax credit (ITC)
- The GST you paid on business purchases, which you can set off against the GST you owe on sales.
- ITR
- Income Tax Return. The form (ITR-1 to ITR-7) used to report income and tax for a year.
N
- New tax regime
- The default income tax regime with lower rates and few deductions. Income up to ₹12 lakh is effectively tax-free for residents after the rebate.
O
- Old tax regime
- The optional regime with higher rates but deductions and exemptions such as investments, HRA and home loan interest.
P
- PAN
- Permanent Account Number. A 10-character identifier for income tax.
Q
- QRMP
- Quarterly Return Monthly Payment. Lets GST taxpayers with turnover up to ₹5 crore file returns quarterly while paying tax monthly.
R
- Reverse charge
- A GST mechanism where the buyer, not the supplier, pays the tax on certain supplies.
S
- Standard deduction
- A flat deduction from salary or pension income: ₹75,000 under the new regime and ₹50,000 under the old regime.
T
- TAN
- Tax Deduction Account Number. Needed by anyone who deducts or collects tax at source.
- Tax Year
- Under the Income-tax Act, 2025, the single 12-month period from 1 April to 31 March that replaced the previous year and assessment year.
- TDS and TCS
- Tax Deducted at Source by the payer, and Tax Collected at Source by the seller, deposited with the government.
U
- Updated return (ITR-U)
- A return filed after the normal deadlines to report missed income, with additional tax.
Last updated 29 September 2026. This page is general information based on the rules in force on that date, not professional advice. Tax rules, rates and due dates can change through budgets and government notifications. Contact us to confirm what applies to your situation.
Let's Simplify Your Financial Management
Get professional support for bookkeeping, GST, taxation, and business management.