Advance tax
Income tax paid during the relevant year on an estimate of tax liability, where the advance-tax rules apply.
Definition & exampleBusiness wiki · Topic
Income tax terms
Understand tax identities, deductions, payments and information statements without confusing them with accounting profit.
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Annual Information Statement
An income-tax statement that brings together specified information reported or available about a taxpayer.
Definition & examplePAN
The income-tax identification number assigned to a taxpayer.
Definition & exampleTAN
An identification number used in the tax deduction and collection system where required.
Definition & exampleTax audit
An examination and reporting exercise required for cases covered by the applicable income-tax audit provisions.
Definition & exampleTCS
Tax collected by a designated collector in transactions covered by the relevant income-tax rules.
Definition & exampleTDS
Tax withheld by a payer from specified payments or credits and accounted for under the applicable income-tax rules.
Definition & exampleTransfer pricing
The pricing of transactions between related parties, with tax rules requiring covered transactions to be evaluated on an arm's-length basis.
Definition & exampleWithholding
Tax deducted by a payer under the applicable rules before or in connection with a payment.
Definition & example