ITR Filing Glossary — Key Terms Explained
Browse 35 essential itr filing terms and definitions used by professionals in India.
A
Advance Tax
Advance Tax is money you pay to the government during the financial year based on the income you expect to earn, rather than waiting until you file your tax return.
Advance Tax Payment
Advance tax payment is money you pay to the government during the financial year before your final tax is calculated, based on your expected income.
B
Belated Return Filing
Belated return filing is submitting your income tax return after the official deadline has passed, which may involve penalties but allows you to still fulfill your tax obligations.
C
Capital Gains Tax
Capital Gains Tax is the tax you pay on the profit earned when you sell an asset like property, stocks, or gold for more than you paid for it.
Capital Gains Tax Filing
Capital Gains Tax Filing is the process of reporting profits earned from selling assets like property, stocks, or investments to the Indian tax authorities as part of your Income Tax Return.
Cost to Company
Cost to Company (CTC) is the total amount an employer spends on an employee annually, including salary, benefits, and allowances.
CTC
CTC (Cost to Company) is the total annual expense a company pays for an employee, including salary, benefits, and other allowances.
F
Financial Year
A 12-month period used by the government and businesses in India to calculate income, file taxes, and prepare financial statements, running from April 1 to March 31.
Freelancer Tax Filing
Freelancer Tax Filing is the process of submitting income tax returns for self-employed professionals who earn money by working on projects for multiple clients without a permanent employer.
H
Hindu Undivided Family
A Hindu Undivided Family (HUF) is a legal entity in India where family members live together under one head and share income and property according to Hindu law.
HUF
A Hindu Undivided Family is a legal group of people related by blood or marriage who live together and share income and property under Hindu law.
I
Income Tax Notice
An official letter from the Income Tax Department asking you to provide information, clarification, or documents related to your tax filing or income.
Income Tax Notice Response
A formal written reply to an Income Tax Notice from the tax department, providing required documents and information to address their questions or concerns about your tax filing.
Income Tax Return
An Income Tax Return (ITR) is an official form filed with the Indian government to report your yearly income, taxes paid, and claim refunds or settle tax dues.
ITR
ITR stands for Income Tax Return, a document you file with the Indian government each year to report your income and calculate the taxes you owe.
ITR Filing
ITR Filing is the process of submitting your annual income tax return to the Indian government to report your income, deductions, and taxes paid.
L
Limited Liability Partnership
A Limited Liability Partnership (LLP) is a business structure in India where partners have limited personal liability and enjoy flexibility in management and taxation.
LLP
An LLP (Limited Liability Partnership) is a business structure in India where partners have limited personal liability and can manage the business together.
N
Non-Resident Indian
A Non-Resident Indian (NRI) is an Indian citizen who lives outside India for work, business, or other purposes and has specific tax filing rules.
NRI
An NRI is an Indian citizen who lives and works outside India for more than 182 days in a financial year.
O
Online ITR Filing
Online ITR Filing is the digital process of submitting your income tax return to the Indian government through the Income Tax Department's website instead of filing it on paper.
P
PAN
PAN is a unique 10-character code issued by the Indian Income Tax Department that identifies you for all tax-related transactions in India.
Permanent Account Number
A Permanent Account Number (PAN) is a unique 10-character identification code issued by the Indian Income Tax Department to all individuals and entities for tax purposes.
R
Revised Return Filing
A revised return is a corrected income tax return you can file after submitting your original return to fix mistakes, add missing income, or claim additional deductions.
S
Salaried Individual ITR
Salaried Individual ITR is the income tax return form filed by people who earn a fixed salary from an employer in India.
Self-Employed ITR Filing
Self-Employed ITR Filing is the process of submitting an Income Tax Return when you earn money by running your own business or profession instead of working for a company.
Senior Citizen Tax Filing
Senior Citizen Tax Filing is the process of filing income tax returns with special benefits and exemptions available to Indian citizens aged 60 years and above.
T
Tax Audit
A tax audit is an official examination of your income tax records by the Income Tax Department to verify that all your income, deductions, and tax payments are correct and legal.
Tax Audit Services
Tax Audit Services are professional services that examine your financial records and tax returns to ensure they are accurate, complete, and follow all Indian tax laws.
Tax Deducted at Source
Tax Deducted at Source (TDS) is money that employers, banks, or other payers take out of your income and send directly to the government before giving you the remaining amount.
Tax Planning
Tax planning is the process of organizing your finances strategically throughout the year to minimize taxes legally and maximize your income.
Tax Refund Claim
A tax refund claim is a request to the government to return excess taxes you paid during the financial year because you overpaid your income tax liability.
Tax Refund Tracking
{ "term": "Tax Refund Tracking", "short_definition": "Tax refund tracking is the process of monitoring the status and progress of your income tax refund from the time you file your ITR until you receive the money in your bank account.", "full_content": "What is Tax Refund Tracking?Tax refund tracking is a system that allows you to monitor where your tax refund is in the processing cycle.
TDS
TDS is a tax system where the person paying money deducts a portion of tax and sends it to the government on behalf of the person receiving the money.
TDS Return Filing
TDS Return Filing is the process of submitting a report to the government showing how much tax was deducted from payments made to employees, contractors, and vendors during a financial year.
Need Help Understanding ITR Filing Terminology?
Our experts in India are happy to answer your questions.
Contact Us