Business Glossary
Terms starting with A
AGM
Annual General Meeting - the yearly meeting of a company's shareholders required by section 96 of the Companies Act, 2013, where accounts are adopted and key decisions are voted on. One Person Companies are exempt.
AOA
Articles of Association - a legal document that outlines the rules and regulations for the internal management of a company. Filed with the MCA during incorporation.
Terms starting with B
Balance Sheet
A financial statement showing a company's assets, liabilities, and shareholders' equity at a specific point in time. Required for annual ROC filings.
Board Resolution
A formal decision made by the board of directors of a company, documented in writing and signed by directors. Required for major corporate actions like loans, appointments, and mergers.
Terms starting with C
CIN
Corporate Identification Number - a 21-character alphanumeric unique identification number assigned to every registered company by the Registrar of Companies (ROC).
Company
A legal entity formed by a group of individuals to carry on a business. Registered under the Companies Act, 2013, with limited liability for its shareholders.
Compliance
The act of adhering to laws, regulations, guidelines, and specifications relevant to business operations. In India, includes GST, ROC, TDS, and labour law compliances.
Terms starting with D
DSC
Digital Signature Certificate - a secure digital key issued by certifying authorities that authenticates the identity of the holder for electronic filing of forms with the MCA, GST, and Income Tax portals.
DIN
Director Identification Number - a unique identification number assigned by the Central Government to any person intending to become a director of a company. Mandatory for all directors.
Terms starting with E
E-commerce
Electronic commerce - buying and selling of goods or services over the internet. E-commerce businesses generally need GST registration, must follow the Consumer Protection (E-Commerce) Rules, 2020, and need an FSSAI registration or licence only if they sell food.
EPF
Employees Provident Fund - a mandatory retirement savings scheme where both employer and employee contribute 12% of basic wages monthly. Managed by the Employees Provident Fund Organisation (EPFO).
ESIC
Employees State Insurance Corporation - a social security scheme providing medical and cash benefits to employees earning up to Rs. 21,000/month. Both employer and employee contribute.
Terms starting with F
Form 130 (formerly Form 16)
The certificate an employer issues to an employee for tax deducted at source (TDS) on salary. Under rule 215 of the Income-tax Rules, 2026 it is Form No. 130, which replaces Form 16 used under the 1961 Act rules. Used while filing Income Tax Returns.
Form 138 (formerly Form 24Q)
The quarterly statement of tax deducted at source on salary. Under rule 219 of the Income-tax Rules, 2026 it is filed in Form No. 138, which replaces Form 24Q. Due by 31 July, 31 October and 31 January for the first three quarters, and by 31 May for the January-March quarter.
Form 141 (formerly Form 26QB)
The challan-cum-statement used, among other cases, by a buyer who deducts tax on the purchase of immovable property (other than agricultural land). Under rule 218 of the Income-tax Rules, 2026 the tax is paid with Form No. 141 within thirty days from the end of the month of deduction. It replaces Form 26QB for property purchases.
Form 168 (Annual Information Statement)
Under rule 245 of the Income-tax Rules, 2026, the Annual Information Statement in Form No. 168 is uploaded to the taxpayer's registered account on the Income Tax Department's portal. It includes information on tax deducted or collected at source (TDS/TCS) and specified financial transactions. Under the 1961 Act rules this information was shown in Form 26AS.
Terms starting with G
GST
Goods and Services Tax - a comprehensive indirect tax levied on the supply of goods and services, replacing multiple cascading taxes. Applicable to most businesses in India with turnover above the threshold limit.
GSTIN
Goods and Services Tax Identification Number - a unique 15-character alphanumeric PAN-based identification number assigned to every GST-registered taxpayer.
GSTR-1
A monthly or quarterly return form containing details of all outward supplies (sales) made by a GST-registered taxpayer. Due dates are prescribed under the CGST Rules and differ for monthly and quarterly (QRMP) filers.
GSTR-3B
A self-declaration return summarising outward supplies, input tax credit (ITC) and tax payable. Monthly filers file it by the 20th of the following month; taxpayers in the QRMP scheme file it quarterly, by the 22nd or 24th of the month after the quarter depending on their State/UT (rule 61, CGST Rules).
GSTR-9
An annual GST return form providing a comprehensive summary of all outward supplies, input tax credit, and tax paid during the financial year. Due by December 31st.
GSTR-9C
A self-certified reconciliation statement filed with the annual return (GSTR-9) under section 44 of the CGST Act. It reconciles the value of supplies declared in the returns for the financial year with the audited annual financial statements. The turnover limit above which it is required is notified separately.
Terms starting with I
Incorporation
The legal process of registering a new company or LLP under the Companies Act, 2013 or LLP Act, 2008. Results in the creation of a separate legal entity.
ITC
Input Tax Credit - a mechanism under GST that allows businesses to claim credit for the tax paid on inputs (purchases) against the tax payable on outputs (sales), eliminating cascading tax.
ITR
Income Tax Return - a form filed annually with the Income Tax Department to report income, deductions, exemptions, and tax liability. Different forms (ITR-1 to ITR-7) apply based on income source and type of taxpayer.
Terms starting with K
KYC
Know Your Customer - a mandatory process for verifying the identity and address of customers. Required for opening bank accounts, obtaining DIN, GST registration, and many other business services.
Terms starting with L
LLP
Limited Liability Partnership - a hybrid business structure combining the benefits of a partnership firm (flexibility) with a company (limited liability for partners). Registered under the LLP Act, 2008.
Terms starting with M
MCA
Ministry of Corporate Affairs - the Indian government ministry responsible for regulating Indian enterprises and the corporate sector through the Companies Act, 2013.
MOA
Memorandum of Association - the foundational charter of a company that defines its relationship with the outside world, including the company's name, registered office, objects, and liability of members. Filed during incorporation.
Terms starting with P
PAN
Permanent Account Number - a 10-character alphanumeric unique identifier issued by the Income Tax Department. Mandatory for filing ITR, opening bank accounts, and all high-value financial transactions.
Terms starting with R
ROC
Registrar of Companies - an office under the MCA responsible for company registration, administration of registered companies, and ensuring statutory compliance with the Companies Act.
Terms starting with S
SARFAESI
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act - a law allowing banks and financial institutions to recover NPAs by seizing and auctioning secured assets without court intervention.
Section 8
A company registered under Section 8 of the Companies Act, 2013 for promoting commerce, art, science, religion, charity, or other socially beneficial objectives. Profits cannot be distributed to members.
Terms starting with T
TAN
Tax Deduction and Collection Account Number - a 10-character alphanumeric number required for any person or entity responsible for deducting or collecting tax at source (TDS/TCS).
TDS
Tax Deducted at Source - a mechanism where tax is deducted at the time of making payments (salary, rent, commission, etc.) by the payer and deposited with the government. The recipient receives credit for the TDS deducted.
Trademark
A recognizable sign, design, word, or expression that identifies and distinguishes products or services of one business from others. Registered with the Controller General of Patents, Designs, and Trade Marks (CGPDTM).
Terms starting with U
Udyam
Udyam Registration - the government's simplified online registration process for MSMEs, replacing the previous UAM system. Provides access to government schemes, subsidies, and priority sector lending.
Terms starting with X
XBRL
eXtensible Business Reporting Language - a language for the electronic communication of business and financial data. Used by Indian companies for filing financial statements with the MCA in the required format.
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