Portal
Glossary
Plain-English definitions of the tax terms you will run into.
A
- AYIT
- Assessment Year — the year in which income earned in the previous year is assessed to tax. AY 2026-27 corresponds to income earned in FY 2025-26.
H
- HRAIT
- House Rent Allowance — a component of salary paid by the employer to meet rented accommodation expenses. Partially tax-exempt under Sec 10(13A).
I
- ITCGST
- Input Tax Credit — the credit a GST-registered taxpayer can claim for GST paid on inward supplies used in the course of business.
R
- RCMGST
- Reverse Charge Mechanism — a situation where the recipient of goods or services pays GST directly to the government instead of the supplier.