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GLOSSARY

Business & Tax Glossary

Your complete A-Z reference guide to business, tax, and compliance terminology

Browse Glossary by Letter (3 per letter)

ABCDEFGHIJKLMNOPQRSTUVWXYZ

A(3 total)

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AGM

Annual General Meeting of company shareholders.

Advance Tax

Tax paid in installments during the financial year instead of a lump sum.

Audit

A systematic examination of financial records and statements.

B(2 total)

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Balance Sheet

A financial statement showing assets, liabilities, and equity at a point in time.

Bonus Share

Additional shares issued to existing shareholders in proportion to their holdings.

C(2 total)

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CGST

Central Goods and Services Tax levied by the central government on intra-state transactions.

Current Assets

Assets expected to be converted to cash within one year.

D(2 total)

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Depreciation

The systematic allocation of the cost of a tangible asset over its useful life.

Dividend

A distribution of a portion of a company's earnings to its shareholders.

E(1 total)

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ESOP

Employee Stock Option Plan allowing employees to buy company shares at a fixed price.

F(1 total)

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FSSAI

Food Safety and Standards Authority of India — apex body for food safety regulation.

G(1 total)

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GST

Goods and Services Tax — comprehensive indirect tax on supply of goods and services.

H(1 total)

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HSN Code

Harmonized System of Nomenclature code for classifying goods.

I(4 total)

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IEC

Import Export Code — a 10-digit code required for import/export businesses in India.

IGST

Integrated Goods and Services Tax levied on inter-state supply of goods and services.

ISO

International Organization for Standardization — develops global standards.

L(1 total)

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LLP

Limited Liability Partnership — a hybrid form combining benefits of a company and partnership.

M(1 total)

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MSME

Micro, Small and Medium Enterprises — classified based on investment and turnover.

N(1 total)

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NIC Code

National Industrial Classification code used to classify business activities.

P(2 total)

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PAN

Permanent Account Number — a 10-digit alphanumeric identifier for taxpayers.

PF

Provident Fund — a retirement benefit scheme for employees.

R(1 total)

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ROC

Registrar of Companies — the authority for company registration and compliance.

S(2 total)

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SAC Code

Service Accounting Code for classifying services under GST.

SGST

State Goods and Services Tax levied by state governments on intra-state transactions.

T(3 total)

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TAN

Tax Deduction Account Number — required for entities deducting tax at source.

TDS

Tax Deducted at Source — tax deducted by payer before making payment.

Trademark

A distinctive sign or symbol that identifies goods or services of a particular source.

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