Glossary – Basic Terminology in Accounting, Finance & Corporate Income Tax

Understanding the language of accounting and finance is the first step toward managing your business confidently. This glossary brings together all the basic accounting terms, finance terminology, and taxation definitions you need in one place, explained in simple words anyone can understand.

Whether you are a business owner, student, or professional, this page will help you decode complex financial terms used in day-to-day accounting, financial reports, and income tax filings.

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Accounting Terms

Learn the meaning of everyday accounting and finance terms with our simple glossary.From assets to liabilities, decode complex accounting words and strengthen your financial basics.

Financial Reporting Terms

Understand key reports like the Balance Sheet, Income Statement, and Cash Flow Statement. Discover how financial reporting helps track profits, cash flow, and overall business health.

Corporate Income Tax

Explore essential tax concepts every business should know, ITR-6, MAT, AMT, and more. Stay compliant, plan better, and make smarter financial decisions for your company.

Accounting, Finance & Corporate Income Tax Terms and Definitions

Our glossary covers everything from the basics of accounting to important taxation terms used in business. Here, you’ll find clear explanations for concepts like:

  • Assets and Liabilities: What your business owns and owes.
  • Revenue and Expenses: Income earned and costs incurred during operations.
  • Balance Sheet: A snapshot of your company’s financial position.
  • Profit and Loss Statement: A summary of how much you earn and spend.
  • Input Tax Credit (ITC): The tax you can claim back on business purchases.
  • Depreciation: The gradual decrease in the value of assets over time.
  • TDS (Tax Deducted at Source): Tax collected directly when payments are made.
  • Cash Flow: The movement of money in and out of your business.

Each term in this glossary is defined simply so you can understand, apply, and use them easily in your accounting or business decisions.

How This Glossary Helps in Understanding All of the Concepts

This glossary isn’t just a list. It’s your quick guide to understanding the financial world. By learning these basic finance and accounting terms, you can:

  • Interpret financial reports correctly
  • Communicate better with accountants and auditors
  • File GST and income tax more confidently
  • Make smarter business decisions based on financial data

Every term is connected to real-life examples from business operations, helping you grasp both the concept and its use in day-to-day scenarios.

Popular Accounting & Tax Terms in India

India’s business and tax system has its own set of commonly used terms. Some of the popular ones include:

  • GST (Goods and Services Tax): A unified tax system on goods and services.
  • HSN Code: Classification code for goods under GST.
  • SAC Code: Code used for identifying services under GST.
  • GSTR-1, GSTR-3B: Regular returns filed by registered taxpayers.
  • ITR (Income Tax Return): A form for reporting income and taxes paid.
  • Advance Tax: Tax paid before the end of a financial year.

Explore the complete glossary to learn these and many more terms, all simplified and explained for everyday understanding.