Integrated Goods and Services Tax — levied by the central government on interstate supply of goods and services and on imports. The revenue is shared between the central and destination state government. IGST eliminates the earlier complexities of CST for interstate trade.
One of the five heads of income under the Income Tax Act. Includes rental income from letting out a property and notional rent on a second property. The annual value after deducting municipal taxes and a standard deduction of 30% gives the taxable income under this head.
The annual form filed with the Income Tax Department to declare income earned
A passively managed mutual fund that replicates the composition and weightage of a market index like Nifty 50 or Sensex. Offers low-cost
A method of adjusting the purchase cost of an asset for inflation using the Cost Inflation Index notified by the government. Indexation increases the effective purchase price
The process by which a private company offers its shares to the public for the first time to raise capital. Investors can apply for IPO shares through their demat account via ASBA or UPI during the subscription window.
The mechanism under GST that allows a registered business to reduce the GST it has already paid on purchases (inputs) from the GST it owes on sales (outputs). ITC prevents the cascading effect of tax on tax and is a cornerstone of the GST system.
Buying and selling shares within the same trading day
The process of reconciling the outward supply details reported by a supplier in GSTR-1 with the inward supply details claimed by the recipient in GSTR-2B. Mismatches can result in denial of input tax credit for the recipient