Glossary of the terms used here.

Income tax paid during the year in which the income is earned, in instalments, rather than after the year ends. A taxpayer whose tax for the year, after tax deducted at source, is ₹10,000 or more pays 15, 45, 75 and 100 per cent by 15 June, 15 September, 15 December and 15 March.

Income-tax Act, 2025, ss. 403–408Compliance calendar →

The yearly meeting of a company’s members at which the financial statements are laid and, where due, the auditor is appointed. It must be held within six months of the end of the financial year, and the first within nine months.

Companies Act, 2013, s. 96

The form in which a company files its financial statements with the Registrar of Companies, within 30 days of the annual general meeting.

Companies Act, 2013, s. 137Compliance calendar →

The price that unrelated parties would agree for the same transaction in comparable conditions. Transactions between associated enterprises are tested against it for transfer pricing.

Income-tax Act, 2025 (transfer pricing provisions)

The practical training a student of the Institute of Chartered Accountants of India serves under a principal, a member in practice, before qualifying. Its length, eligibility and stipend are set by the Institute’s regulations.

Careers →

The tax department’s examination of a return to determine the income and tax. A scrutiny assessment involves notices and questions; a reassessment reopens a completed year within the time limits the Act allows.

A framework of the Institute of Chartered Accountants of India under which an audit firm assesses the maturity of its practice. A firm’s AQMM level is one of the particulars it may publish.

ICAI disclosures →

A record, kept by accounting software, of every change made in the books: what changed, when and by whom. Companies must use software with this feature switched on, and the auditor reports on it.

Companies (Accounts) Rules, 2014, r. 3(1)Note on CARO 2020 →

The Companies (Auditor’s Report) Order, 2020. It lists matters, such as fixed assets, inventory, loans and statutory dues, on which the auditor of most companies must report in addition to the opinion on the accounts.

Note on CARO 2020 →

A member of the Institute of Chartered Accountants of India. Only a chartered accountant in practice, or a firm of them, may sign a company’s statutory audit report or a tax audit report.

Chartered Accountants Act, 1949

The quarterly statement in which a GST composition taxpayer declares and pays tax, by the 18th of the month after the quarter.

CGST Rules, 2017, r. 62

An optional GST scheme for smaller businesses under which tax is paid at a fixed rate on turnover, without input tax credit and with quarterly payment and an annual return.

CGST Act, 2017, s. 10

A partner of an LLP who is responsible for its compliance under the LLP Act. Every LLP needs at least two, one of whom is resident in India, and each needs a designated partner identification number.

LLP Act, 2008, s. 7

The Indian law on personal data in digital form. It requires notice and consent, limits use to the stated purpose and gives people rights to access, correction and erasure. Its Rules were notified in 2025.

Privacy policy →

A director identification number is issued to every company director. Its holder confirms their details in DIR-3 KYC once every three financial years, by 30 June, and within 30 days of a change in mobile number, email or address.

G.S.R. 943(E), in force 31 March 2026Compliance calendar →

The annual return in which a company reports deposits and outstanding money or loans that are not deposits, due by 30 June (for 2026, accepted without additional fee to 31 July).

Companies (Acceptance of Deposits) Rules, 2014, r. 16

The GST form for an intimation before a show-cause notice. It tells the taxpayer the amount the officer proposes to demand and allows payment or a reply before a formal notice issues.

CGST Rules, 2017, r. 142(1A)Note on GST notices →

An LLP’s annual return, filed by 30 May each year. It records the partners, their contributions and changes during the year.

LLP Act, 2008, s. 35; LLP Rules, 2009, r. 25Note on LLP dates →

An LLP’s statement of account and solvency, filed with the Registrar by 30 October each year and signed by two designated partners. It is certified by an auditor where the LLP’s accounts must be audited.

LLP Act, 2008, s. 34; LLP Rules, 2009, r. 24Note on LLP dates →

The single tax audit report form under the Income-tax Rules, 2026, replacing Forms 3CA, 3CB and 3CD for audits of tax year 2026-27 onwards. Audits of 2025-26 are still reported in the old forms.

Note on the 2025 Act →

Certificates of tax deducted at source under the Income-tax Act, 2025, replacing Form 16 (salary) and Form 16A (other payments).

Income-tax Rules, 2026

The quarterly TDS and TCS statements under the Income-tax Act, 2025, replacing Forms 24Q (salary), 26Q (other payments to residents), 27EQ (tax collected) and 27Q (payments to non-residents). They are due by 31 July, 31 October, 31 January and 31 May.

Income-tax Rules, 2026, r. 219Compliance calendar →

The GST statement of outward supplies, filed by the 11th of the following month, or quarterly by the 13th by taxpayers in the QRMP scheme.

CGST Act, 2017, s. 37Compliance calendar →

The GST summary return through which tax is paid, filed by the 20th of the following month, or quarterly by the 22nd or 24th (by state) in the QRMP scheme.

CGST Act, 2017, s. 39Compliance calendar →

The GST annual return and the reconciliation statement between the annual return and the audited accounts, due by 31 December after the year. Each applies above a turnover threshold.

CGST Act, 2017, s. 44

GST paid on purchases that a registered business may set off against the GST it owes on its sales, subject to conditions, including that the supplier has reported the invoice.

CGST Act, 2017, s. 16

An optional facility for taxpayers in the QRMP scheme to upload business-to-business invoices for the first two months of a quarter, by the 13th of the following month, so that buyers can take credit.

A body corporate formed under the LLP Act, 2008, separate from its partners, in which a partner is not liable for another partner’s wrongful acts. A firm of chartered accountants may be constituted as one.

The firm →

The LLP identification number the Registrar assigns on incorporation. It appears on the LLP’s documents and filings.

ICAI disclosures →

The company annual return, filed within 60 days of the annual general meeting. Small companies and one person companies use the shorter MGT-7A.

Companies Act, 2013, s. 92

A half-yearly return, by 30 April and 31 October, of amounts a company owes to micro and small enterprises that have been outstanding for more than 45 days.

The review, under the Institute of Chartered Accountants of India, of a practice unit’s audit work against the technical, professional and ethical standards. A firm’s peer review status is one of the particulars it may publish.

ICAI disclosures →

The GST challan through which taxpayers in the QRMP scheme pay tax for the first two months of a quarter, by the 25th of the following month.

CGST Act, 2017, s. 39(7)

Quarterly Return Monthly Payment: an option for GST taxpayers with aggregate turnover up to ₹5 crore to file returns quarterly while paying tax monthly.

The provision for GST demands relating to 2024-25 and later years. It has one time limit for all cases; whether fraud is involved now affects the penalty rather than the period.

CGST Act, 2017, s. 74ANote on GST notices →

A formal notice asking a taxpayer to explain why a demand, penalty or other order should not be made. It states the provision, the amount, the period and the date by which to reply.

The audit of financial statements required by law, such as a company audit under the Companies Act, 2013 or an LLP audit under rule 24(8) of the LLP Rules. It is work reserved to chartered accountants in practice.

The audit of accounts required by income-tax law where turnover or receipts exceed prescribed limits. For 2025-26 it is reported under s. 44AB of the 1961 Act by 30 September 2026; from tax year 2026-27 under s. 63 of the 2025 Act in Form No. 26.

Income-tax Act, 2025, s. 63

Tax that a seller collects from a buyer on specified transactions and pays to the government. Under the 2025 Act it sits in s. 394.

Income-tax Act, 2025, s. 394

Tax that a payer deducts from a payment and pays to the government on the payee’s behalf. Under the 2025 Act non-salary deductions sit in tables in s. 393, and deposit is due by the 7th of the following month (30 April for March).

Income-tax Act, 2025, s. 393Compliance calendar →

The twelve-month financial year used by the Income-tax Act, 2025, replacing the “previous year” and “assessment year” of the 1961 Act. Income from 1 April 2026 to 31 March 2027 is that of tax year 2026-27.

Income-tax Act, 2025, s. 3Note on the 2025 Act →

The rules requiring transactions between associated enterprises, cross-border and some domestic, to be priced at arm’s length and documented, with an accountant’s report filed before the return.

Direct tax →

Unique Document Identification Number: a number a chartered accountant generates on the Institute’s portal for each report or certificate signed, so that its authenticity can be checked.

A return filed after the belated and revised return windows, on payment of additional tax, to report income that was left out. It cannot reduce income or claim a refund.