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.
Annual Rent means the actual rent received or to be received if the property is let out.
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.
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 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 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.
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.
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.
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.
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.
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 may be defined as a year in which the income of the previous year is to be assessed.
Adjusted GTI u/s 80G
Adjusted GTI is :
LTCG, if included in GTI and STCG under 10% category;
Income which is exempt;
deductions under 80C to 80U except 80G;
income of foreign company.
Business Income / Receipts
Any income generated from carrying on business or profession is Business Income/ Receipts.
Any expense incurred other than capital expenditure or personal expense to carry on the day to day activities of a business or profession is treated as business expense.
Any asset owned by a person for carrying on the business/ profession is termed as business asset.
Loans taken or money borrowed for the purpose of carrying on business or profession is termed as a business liability.It also includes any obligation arisen during the course of carrying on business / profession.
Books of accounts
Books of accounts includes ledgers, day books, cash books, account books, and other books whether kept in the written form or as print outs of data stored in a floppy, disc, tape or any other form.
Block of Assets
Block of Assets means group of Similar assets eligible to claim depreciation together.
Bonus share is a share or a security which is allotted to you without making any payment on the basis of shares or securities already held by you. Cost of such shares shall be taken as NIL.
Unpaid purchase price is treated as borrowed capital assuming that price is unpaid due to non availability of funds or availability of lesser funds, which need to be arranged through borrowings.
Cash Accounting is a method of accounting in which income is reported when money is actually received and an expense is deducted when money is paid out.
Compulsory Maintenance of Accounts
Following persons are required to maintain compulsory books of Accounts:-
Any Person carrying on a specified profession having gross receipts exceeding Rs 1,50,000 in all the 3 years, immediately preceding the previous year.
Any Person carrying on non specified profession/business having gross receipts/turnover exceeding Rs 1,20,000/Rs 10,00,000 respectively in any of the 3 years, immediately preceding the previous year ,
Compulsory Audit of Accounts
If a person is carrying on business/ Profession and his total sales, turnover or receipts from such business or profession exceeds Rs 60 Lacs/ Rs 15Lacs respectively during the previous year then he is required to get the accounts audited by a Chartered Accountant.In case of a person covered by Presumptive taxation,if he claims that his income is less than the limits specified then he is required to get the accounts audited.
Conveyence/ Transport Allowance
Conveyence/Transport Allowance is an amount paid by employer to employee for coming and going back from office to his residence. It will be exempt upto Rs. 800 per month.
Contribution in Provident Fund
Employees share of contribution in Provident fund will be exempt.
Cost of Acquisition
COA is the Cost at which an asset is purchased or Acquired by assessee.
Cost of Improvemnet
Cost of improvement means an expenditure incurred by assessee for making improvement in the asset.
Capital Gain Account Scheme (CGAS)
CGAS is a scheme in which an assessee can deposit consideration received from the sale of asset either for a time till money is used for the desired purpose or for a specific period.The money needs to be deposited before filing the Return if exemption from Capital Gain is to be claimed.
Capital Asset means any asset other than stock in trade,Personal effects not being jewellery,rural agriculture land.
Clubbing of Income
When income of one person is added in the income of some other person who will be taxed for such additional income aslo then this is known as clubbing of income.e.g. Income of a minor is clubbed in the income of parents.
When any sum is found to be credited in the books of an assessee and the assessee offers no explanation about the nature and source thereof or the explanation offered by him in the opinion of the assessing officer is not satisfactory,the sum so credited may be charged to income tax as the income of the assessee of that previous year.
If any house property is given on rental basis along with assets like furniture etc, then the total rent received by owner shall be called as composite rent. If composite rent can be segregated then rent for house property shall be treated as house property income and rent belonging to furniture is treated as income from other source.
Carry forward of loss
If a loss during the year can neither be set off under the same head nor under any other head of income , then such amount of loss is carried forward to subsequent years .
Capital gain deposit account scheme
A person who is liable to pay tax on the capital gain due to sale of some capital asset can claim exemption if he invests in buying or constructing a new property or agricultural land within a specified time. However if he wishes to invest but has not been able to find a suitable deal he can deposit the amount in a special account known as Capital Gains deposit Accounts scheme of a bank before the due date of filing his return of income. He is required to attach a proof of deposit along with the return of income. Amount utilized by him for the purchase or construction of the new house along with the amount so deposited shall be deemed to the cost of the new house.
Composite rent means rent received for property includes rent for the usage of assets such as rent for usage of furniture, air conditioner or rent for providing additional services such as security charges, etc.
Casual income is a non recurring income that is not likely to occur again in a year. It is an income which is earned by chance. Such income is neither anticipated nor provided for in any agreement. Such incomes are received at uncertain times.
Any day to day expenditure incurred for carrying on business is revenue expenditure. Any expenses incurred for making an addition to a business, the benefit of which will be derived over a period of time, is capital expenditure.
Deemed owner means a Person who transfers the property without adequate consideration to the spouse / minor child OR the holder of impartible estate OR a member of co-operative society, company,association of persons to whom the property is allotted or leased under it's House building scheme OR a person who gets the control over property in part performance of the contract of the nature referred in sec 53A of the Transfer of Property Act or by virtue of such transactions as are referred in sec 269UA.
When any payment is made in the form of loan or advance to a shareholder by a closely held company (private company), outside the ordinary course of business and the company is not involved in money lending business, then such payment is treated as deemed dividend. Deemed dividend are exempt from tax in the hands of receipent.
If a person has made certain payments or investments, then such payments are deducted from his Gross income so as to reduce the tax liability.
Double Taxation Avoidance Aggrement
If you are a resident individual and have paid tax on any income which accrued outside India, in any country with which there is an agreement for relief of double taxation, then you are allowed a relief from tax payable in India. The amount of relief is equal to the tax calculated on such income at the India tax rates, or the applicable tax paid in the foreign country, whichever is less
A dependent means any person who is dependent for his support or maintenance on someone. For the purpose of 80D, a dependant will not include dependent brothers and sisters of you or your spouse. In addition, your spouse's parents can not be included in dependents for this section.
Depreciation is a non cash expense that reduces the value of asset as a result of normal wear and tear, age or obsolescence. All the assets are charged to depreciation at a specified rate. If an asset is purchased during the year and is used for the purpose of carrying on business for a period of 180 days or more then it is charged to depreciation at full rate, otherwise it shall be half of the normal rate.
It is a tax which is to be borne by a person upon whom tax is levied. In other words its burden cannot be shifted to any other person. Like income tax is a tax which is to born by a person on whose income it is levied.
Any capital expenditure incurred by an assessee on Construction , on a rented/hired building, such capital expenditure will be treated as deemed Building. Assessee can claim depreciation on such capital expenditure.
Derivative is a security whose price is dependent upon or derived from one or more underlying assets.eg, share, index, commodities, currency exchange prices.
If a company is not in a money lending business, and it makes a payment in the form of loan or advance to a shareholder or a concern otherwise than in the ordinary course of business, such payment is treated as deemed dividend for the purpose of Income From Other Sources.
Disability includes blindness, mental retardation, low vision, leprosy cured, hearing impairment and mental illness.
Donation means money given voluntarily by one person to another without material return and consideration.
Deemed owner is the legal owner of the property. For e.g.
When property is transferred to the spouse or minor child (except minor married daughter) without adequate consideration,
Holder of property which cannot be divided,
A member of co-operative society to whom the land or building is allotted,
The person who has paid or agreed to pay consideration and taken possession of the property against agreement to sell or power of attorney will be the owner even if property is not registered in his name or the possession is handed over in part performance of the contract,
If he has the right in property for at least 12 years.
Deemed let out property
If you have more than one house property, you can treat only one of them as a self occupied property and others shall be treated as deemed to be let out property.
Exemption are those Incomes which are otherwise taxable but on which assessee is not required to pay tax .It will not be included while computing income of an assessee.
Entertainment allowance is an allowance which is allowed by government companies to their employees.
Employee Stock option Plan (ESOP)
Securities provided by employer to employee to retain them with their company for long time and to appreciate their work
Equity oriented Funds
Equity oriented fund is a fund in which more than 65% of fund value is invested in equity shares.
Exemption under capital gain
Income under capital gains arising on the transfer of certain assets can be exempt from income tax if investments are made in assets specified by the Income Tax department. Long-term capital gains from securities (shares, debentures, and bonds) are eligible for exemption from income tax if a person has made investment in bonds of NHAI or REC. Exemption is also available if he has invested in a residential house (assuming that he did not own more than one house already).
Employer is a person who hires services of other person for some consideration .
Family pension means a regular monthly income paid by the employer to a family member of an employee in the event of his/her death. Family pension is taxable after allowing a deduction of 33.33% or Rs. 15000, whichever is less. Family pension to the family of armed forces personnel including para military forces is not taxable where the death of such person has occurred in the course of operational duties.
Any accommodation which is well equipped with furniture and fixtures and is ready to use is termed as furnished accommodation.
Financial Institution means a banking company or notified institution such as HDFC Ltd. / Credila Financial Services Private Ltd.
Gift means a sum of money received in cash or in kind by a person without consideration .
Gratuity is an amount paid by the employer to the employee at the time of his retirement either to him or to his legal heirs in the case of death of employee.
Gain is the difference between the price originally paid for the investment and money received upon selling it.
Any money or property received without consideration or for an inadequate consideration is a gift.
A government hospital includes any dispensary/hospital run by the Government or a local authority for the medical treatment of government servants and their family members.
House Property means a property which is either let out or used for own Residential purpose.
House rent Allowance
House rent allowance is an amount provided by employer to employee on account of getting accomodation on rental basis.It is a chargeable income over and above specified limit.
Higher education means full-time studies for a graduate or post-graduate course in engineering, medicine, management; or for post-graduate course in applied sciences, or pure sciences, including mathematics and statistics. It also includes any other field of studies including vocational studies which can be done after passing senior secondary examination or it's equivalent from any school, Board, university recognized by the Central/ state Govt. or local/any other authority authorized by them.
Higher education means full time studies for graduate or post graduate course in engineering, medicine, management, applied sciences, pure sciences including mathematics and statistics. It also includes any other field of studies including vocational studies which can be done after passing senior secondary examination or it's equivalent from any school, Board, university recognized by the Central/ state Govt. or local/any other authority authorized by them.
Income is any money earned in cash or in kind by a person whether or not received.
Interest on Loan
If you have borrowed any money for the purpose of acquiring, constructing, repairing, renovating, or reconstructing the property, then an amount is charged on such loan. Such amount is interest on loan and is allowed as a deduction.
Insurer is a person who promises to indemnify the insured against the probable losses.
A transfer shall be deemed to be to be irrevocable, if:-
It does not contains any provision for the re-transfer of the whole or any part of the income or assets to the transferor whether directly or indirectly, or
it has been given for the life time of the transferee.
Installment of principal amount is a fixed amount which has to be paid at fixed time intervals.
Infrastructure means basic public facilities provided in the structure of any city. Infrastructure development means any improvement in the city by way of additions made to the basic structure in the form of additional bridges, roads, hotels, rails, highways, water supply projects, irrigation projects, ports, airports, sanitation, sewage systems or any other addition of any nature.
Jointly Owned Property
A property which has more than one owner is a jointly owned property. The owners are called co-owners . Depending on the share, co-owners should report the income from house property separately in their returns.
Let Out Property
A property which is given by the owner to the tenant for some consideration is treated as a let out property . In case a person has more than one self occupied property then only one property shall be treated as self occupied and others shall be treated as deemed to be let out property.
Lottery means winnings from prizes given by draw of lots ,by chance, by any game show, entertainment programme , television programme.
Leave encashment salary
Leave encashment is the salary received by an individual for leave period. It is an income which is chargeable to tax whether or not he is a Government employee subject to some exemptions.
Leave travel concession
Leave travel concession is an allowance given by employer to employee for the purpose of travelling twice in a block of 4 years with his family. It will be taxable over and above specified limit.
Securities listed on Recognised Stock Exchange
Long term Capital gain (LTCG)
LTCG is a gain upon sale of an investment after three years from the date of its purchase. But if the investment is in the form of mutual funds/company shares, the allowed time duration is one year.
Long Term Capital Asset
Long term Capital Asset is an asset held for more than three years before they are sold.But if assets are shares,debentures,mutual funds the period of holding required is more than one year.
Life Insurance Premium
Any premium paid to insurer against security of life of the assessee or the nominee or any other person in whose name the policy has been taken, is life insurance premium.
Municipal tax is a Tax levied by local authority and is allowed as a deduction if borne and paid by the assessee during the year .
Medical authority means any hospital or institution specified by notification by the appropriate government.
A person who is not a Resident is to be treated as Non-Resident.
Non Maintenance of Accounts
Following persons are not required to maintain the accounts compulsorily
A person carrying on specified profession whose Gross Receipts in any one or more of the 3 immediately preceding years < Rs.150000.
A person carrying Non specified Profession whose income from business is < Rs. 120000 or Total turnover , Gross Receipts < Rs 1000000 in all the 3 immediately preceding years.
A person carrying on Non Specified Profession whose income from Business > Rs.120000 or Gross Receipts > Rs.1000000 in any of the 3 years.
NSC VIII issue
NSC VIII issue is the scheme of Savings certificates introduced by the Central Government under the Savings Certificate Act, 1959, for subscription by general public. You can claim deduction under 80 C if you make any investment in NSC VIII issue.
An owner is a person who owns the legal title of the property and has the right to receive income from such property and includes deemed owner.
An owner is a person who owns the legal title to a property after all the requirements of transfer of property act have been met. Also, he has the right to receive income from such property in his own right.
Permanent Account Number (PAN) is a unique ten- digit alphanumeric number, issued in the form of a laminated card, by the Income Tax department.
Profits in lieu of salary
Profits in lieu of salary consists of payments other than salary and perquisites,which are related to the the relation between the employer and employee,such as, payment at the time of termination or voulantary seperaton.
Any Amenity (benefit) granted free of cost or at concessional rate like rent free accomodation,domestic servant, Gas etc should be considered as perquisites.
The Financial Year in which the income is earned is known as the previous year. Any financial year begins from 1st of April and ends on subsequent 31st March.
Person includes an Individual, Hindu undivided family, Company ,firm, Association of persons or a Body of individuals, local authority, Every artificial juridical person.
A profession is a group of people in a learned occupation, the members of which agree to follow specified rules of conduct while practicing such occupation.
Place of work
Place of work is a place where you perform your duties of office or employment, or carry on your business or profession.
Previous owner means a person who has actually paid price to acquire the asset.
Public provident fund (PPF)
Public provident fund is an account which can be opened with any of the authorized banks or post office for the purpose of investment or savings. It is an account in which a person can deposit any amount from Rs. 500 to a maximum of Rs.70000, during the year. This account can even be opened in the name of a minor child. An NRI can continue to operate this account if he becomes an NRI after opening the account.The limit of Rs 70000 has been raised to Rs 1 lakh from Assessment Year 2012-13.
Person with Disability
A person who is suffering from at least 40% of any disability as certified by a medical authority is a “person with disability”.
Person with severe disability
A person who is suffering from at least 80% or more of one or more than one disability as certified by a medical authority is a “person with severe disability”.
A political party means a party registered under Section 29A of the Representation of the People Act 1951.
Patentee is a person who is the true and the first inventor of any invention, and whose name is entered on the patent register as a patentee.
Partly let and partly self occupied property
When a person uses the property for his self residence for some months during the year and gives on rent for other part of the year.
Partly let out and partly vacant property
Property which is rented for some months and then vacated by the tenants or vice versa.
Preconstruction period interest
Where the possession or completion of property takes place after the loan is taken, the amount of interest payable on such a loan is known as preconstruction period interest.
A person is said to be a resident if:-
If he stays in India in immediately preceding year for a period of at least 182 days ,Or
If he stays for a period of 60 days during immediately preceding year and 365 days or more in immediate preceding 4 years.
Resident and ordinarily Resident
A person who is Resident in India shall be treated as Resident and Ordinarily Resident if:-
He is Resident in India in 2 out of 10 immediate preceding years; AND
He stays in India for at least 730 days in immediately preceding 7 years. (Both the conditions must be satisfied)
Resident and not Ordinarily Resident
A person who is Resident in India shall be treated as Resident and Not Ordinarily Resident if:
He is Resident in india in 2 out of 10 immediate preceeding years; OR
He stays in India for atleast 730 days in immediately preceeding 7 years. (Only one condition should be satisfied)
spouse of the individual
brother-sister or their spouse
brother-sister of spouse or spouse of brother or sister of spouse
brother-sister of either of the parent or spouse of brother sister of either of the parent
lineal ascendent or descendent of the individual or their spouse
Lineal ascendent or descendent of the spouse of the individual or their spouse.
Relief due to arrears
If a person has received salary in advance or in arrears or any money as profits in lieu of salary, due to which his total income is assessed at a rate higher than that at which it would otherwise have been assessed, he can claim relief from income-tax. The relief is essentially a reduction in your income-tax.
Relief due to Double Taxation Agreement
If you are a resident individual and have paid tax on any income which accrued outside India, in any country with which there is an agreement for relief of double taxation, then you are allowed a relief from tax payable in India. The amount of relief is equal to the tax calculated on such income at the India tax rates, or the applicable tax paid in the foreign country, whichever is less.
Recognized provident fund
RPF means a provident fund which has been and continues to be recognized by the Chief Commissioner or Commissioner and includes a provident fund established under a scheme framed under Employees provident fund Act 1952.
Rent Free Accommodation
Any accommodation hired by an employee whose rent is either paid by the employer or is reimbursed by him to the employee is known as Rent free accommodation. It is treated as a perquisite and is taxable over and above the specified limit.
Remission or cessation of Liability
Any expense or payment payable by an assessee which is allowed to assessee, but if such expense or liability comes to an end then such expense or liability shall be treated as Income of the assessee.
Remission or cessation of Liability
Any money payable or expense incurred by an assessee which is allowed as an expense to him but later if such expense or liability comes to an end without any payment then it is known as remission or cessation of liability. Such expense or liability shall be treated as income of the assessee in the year in which such remission or cessation has occurred.
When you become entitle to subscribe for some more share or security of a company by virtue of already holding a share or security. The cost of acquisition of right share is the amount paid to the company.
Record date is the date fixed by the company or the Mutual fund or UTI to entitle the holder to receive dividend or income.
Self Assessment Tax
Self Assessment tax means any balance tax paid by the assessee on the assessed income after deducting TDS and Advance tax before filing the Return of income.
Solely Owned Property
If the property is wholly owned by a person then such property is a solely owned property. Entire income/loss from such property should be reported in the return.
Self Occupied Property
A self Occupied property is one which is used by the person for his own residential purpose.If a person has occupied more than one property for his residential purpose then only one house is treated as self occupied and others are treated as "Deemed to be let out".If a person uses his property for carrying on the business and profession then income from such property is not chargeable to tax under House Property.
Specified Profession includes legal, medical, Engineering,Architectural,Accountancy, Technical consultancy, interior decoration, authorised representative(not being an employee of the person carrying on legal or accounting profession), information technology,film artist(a person engaged in the production of the film as an actor, cameraman, director, music /art/dance director editor, singer, lyricist,story /dialogue/screen play writer,dress designer) , company secretary profession. All other professions are Non Specified Professions.
Security transaction Tax (STT)
STT is a tax levied by stock exchange on buying and selling of securities on recognised stock exchange.
Short Term Capital Gain (STCG)
STCG is a gain upon sale of an investment within three years from the date of its purchase. But if the investment is in the form of mutual funds/company shares, the allowed time duration is one year.
Short Term Capital Asset
Short Term capital Asset is an asset held for less than or equal to three years before they are sold.But if assets are shares,debentures,mutual funds the period of holding required is less than or equal to one year.
A speculation business means any business in which a contract for the purchase and sale of any commodity including stock and shares are periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity , except trading in derivatives.
Sub Lease of property
When any property is obtained by a person on rental basis which is further let out to some other person on rent, then this is known as Sub let/ sub lease of property and income received from such sublet is treated as income from other sources.
If any unit/portion of business is sold as a separate entity with all its Assets and liabilities is known as Slump sale.
A senior citizen is a person who is a resident of India and is of the age of 60 years and above. However for FY 2010-11 person shall be considered as senior citizen who is of the age of 65 years and above.
Set off of losses
When loss under one head of income is adjusted against profit in some other head of income then such adjustment is known as Set off of losses.
Security includes Bonds, Debentures, Deposits, Bank accounts.
Stamp duty value
Stamp duty value means any value adopted by any authority of the Central government or a state Government for the purpose of payment of stamp duty for the immovable property.
Share and Debentures
Shares and debentures are a part of scrips issued by a company to raise share capital.
A scheduled bank means:
the SBI constituted under SBI Act 1955, or
its subsidiary Bank, or
a corresponding new bank constituted under the Banking Companies Act 1970, 1980, or
any other Bank which is included in section schedule of RBI Act 1934.
Share and Debentures
Shares and debentures are a part of scrips issued by a company to raise share capital.
Standard rent is the rent fixed under the Rent Control Act or even a provision made for the fixation of rent under the Act.
Standard deduction is an Ad hoc deduction irrespective of the actual expenses incurred @ 30% of the Net Annual Value (NAV).
TDS(Tax Deducted at Source)
When a payer pays money to the assessee above certain limits then he is liable to deduct tax on such payment , then the tax so deducted is called Tax Deducted at Source (TDS) and this tax is deposited with the Government.
Tax on Employment
This is an amount paid to the State Government as a tax on profession/employment. Only a few states levy this tax.
A deposit held at a financial institution that has a fixed term. These are generally short-term deposits and money can be withdrawn after the term has ended or by giving a predetermined notice.
Tuition fees means Payments (other than donation , development fees or any other similar payment) made to any university, school, college or other education institution situated in India at the time of admission or at any time after that for the purpose of full time education.
Transfer includes sale, exchange, relinquishment of the asset, extinguishment of any rights, compulsory acquisition ,conversion of asset into stock in trade of a business
A tax is a charge levied by government upon a person.
Any structure which is created for a limited or short period just to carry on the activities related to business or profession is known as temporary structure. E.g. stalls at various places to promote or sell products
Unrealized Rent means the amount of rent which could not be realized for any property.
where any investments has been made by assessee and the same has not been recorded in the books of account and the assessee offers no explanation about the nature and source of investments or the explanation offered by him in the opinion of the assessing officer is not satisfactory, the value of such investments may be deemed to be the income of the assessee of such financial year.
where in any financial year the assessee is found to be the owner of any money,bullion,jewellery or other valuable article and such articles are not recorded in the books of accounts, and the assessee offers no explanation about the nature and source of acquisition of such articles, or the explanation offered by him, in the opinion of the Assessing officer is not satisfactory, the money and the value of such article may be deemed to be the income of the assessee for the financial year.
Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation offered by him is in the opinion of the Assessing officer is not satisfactory,the amount covered by such expenditure or part thereof, may be deemed to be the income of the assessee for such financial year.
If the property is neither self occupied nor let out then it is a Vacant property.
Very Senior Citizen
Very Senior Citizen is a Person who is of the age of 80 years. Such person will not have to pay tax on income up to Rs. 5,00,000.This new Category has been introduced from Financial year 2011-12.
Voluntary Retirement Scheme (VRS)
Voluntary Retirement Scheme is a scheme in which a person takes retirement voluntarily. It is also known as golden hand shake policy.
A property which is not used for the purpose of self residence and is ready to be let out any time as soon as someone approaches the owner or agent for that property.
Wholly let out property
A wholly let out property is the one which remains occupied by a tenant for some consideration for whole of the year.
Zero Coupon Bonds
Zero coupon Bonds are the bonds issued by any infrastructure company or infrastructure capital fund or public sector company in respect of which no payment and benefit is received before maturity or redemption.
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