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Glossary of terms
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Accrual Accounting
Accrual Accounting

In Accrual basis of accounting income is reported in the fiscal period, when you earn it, regardless of when you receive the income; and Expenses are deducted in the fiscal period you incur them, whether you paid them in that period or not. Incur usually means you either paid or will have to pay the expense.

Adjusted GTI u ...
Adjusted GTI u/s 80G

Adjusted GTI is :

GTI Less

(1) LTCG, if included in GTI and STCG under 10% category;

(2) Income which is exempt; 

(3) deductions under 80C to 80U except 80G;

(4) income of foreign company.

Advance Tax
Advance Tax

Advance Tax means any Tax paid by the assessee on his estimated income before the end of financial year if such income is chargeable to tax .The amount of advance tax payable should be calculated by deducting TDS from tax due on the income .

Allowances
Allowances

Allowance is an amount received by an individual, paid by his/her employer in addition to his salary. These allowances are taxable, except in few situations where they are entitled as deduction/ exemption.

Annual Fair value
Annual Fair value

Annual Fair value is the amount which is generally charged as rent for letting of the similar house properties in the same area

Annual Municipal Value
Annual Municipal Value

Annual income earning capacity, i.e., the annual letable value of your house property, as fixed by the local authorities, is termed as municipal valuation. This valuation is made to charge the house tax and is generally less than the present market value.

Annual Rent
Annual Rent

Annual Rent means the actual rent received or to be received if the property is let out.

Annual rent Control ...
Annual rent Control Value

Annual Rent Control value is the maximum rent which a person can legally recover from the tenant under a Rent Control Act.

Annuity or Pension
Annuity or Pension

Annuity or Pension is an annual income received by employee from his employer.It may be paid by employer voulantarily or on account of some contractual arrangement.

Arrears of Rent
Arrears of Rent

Arrears of rent means an amount of rent relating  to earlier years but received by a person during the current year as the amount was agreed by the tenant to be paid , but not paid in earlier years . This is different from the unrealized rent in the sense that there is no doubt about receiving arrears.

Assessee
Assessee

An assessee is a person who is liable for the assessment of the income earned during the year and pay tax on that income.

Assessment Year
Assessment Year

Assessment year may be defined as a year in which the income of the previous year is to be assessed.


Assets
Assets
Any capital expenditure made to acquire resources used wholly to carry on the business or profession for a long period is termed as asset . Assessee can claim depreciation on theses assets.
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