ABHA (Ayushman Bharat Health Account)
A 14-digit health ID issued under the Ayushman Bharat Digital Mission (ABDM) that links all your medical records — prescriptions, reports, discharge summaries — in one digital health profile.
Aadhaar
A 12-digit unique identity number issued by UIDAI to every Indian resident, used as proof of identity and address.
AIS (Annual Information Statement)
A comprehensive statement available on the Income Tax portal showing all financial transactions reported against your PAN — including interest, dividends, mutual fund transactions, and property purchases.
Assessment Year (AY)
The year in which income earned in the previous financial year is assessed for tax. AY 2026-27 covers income earned from April 2025 to March 2026.
CIBIL Score
A credit score (300–900) maintained by TransUnion CIBIL reflecting your creditworthiness. A score of 750+ is considered good for loan approvals.
DigiLocker
A government-provided digital document wallet (digilocker.gov.in) where citizens can store and access official documents like Aadhaar, PAN, DL, RC, and marksheets digitally.
DL (Driving Licence)
A document issued by the Regional Transport Office (RTO) authorizing a person to drive motor vehicles of specific categories on public roads.
EC (Encumbrance Certificate)
A document issued by the Sub-Registrar office listing all registered transactions (mortgages, loans, liens) on a property. Used to verify the property is free from liabilities.
EPF (Employees' Provident Fund)
A mandatory retirement savings scheme for salaried employees in organisations with 20+ employees. Both employer and employee contribute 12% of basic salary each month. Managed by EPFO.
EPFO (Employees' Provident Fund Organisation)
A statutory body that manages the Employees' Provident Fund (EPF) and Employee Pension Scheme (EPS) for salaried employees in India.
ESIC (Employees' State Insurance Corporation)
A self-financing social security and health insurance scheme for workers earning up to ₹21,000/month. Provides medical care, cash benefits during sickness, maternity, disability, and death benefits.
EPS (Employee Pension Scheme)
A pension scheme for employees managed by EPFO. A portion of the employer's PF contribution goes into EPS to provide monthly pension after retirement at age 58.
Faceless Assessment
An Income Tax Department initiative launched in 2020 eliminating direct contact between tax officers and taxpayers. All scrutiny assessments, appeals, and penalty proceedings are conducted electronically with automated random case allocation.
Financial Year (FY)
The accounting year in India running from April 1 to March 31. Income tax is filed based on income earned in a financial year.
Form 16
A TDS certificate issued by an employer to an employee, showing total salary paid and TDS deducted. Issued annually by June 15.
Form 26AS
A consolidated tax credit statement on the Income Tax portal showing TDS deducted on your income, advance tax paid, and other tax credits available to you.
GST (Goods and Services Tax)
India's indirect tax system replacing multiple state and central taxes. Applied on supply of goods and services. Key rates: 0%, 5%, 12%, 18%, 28%.
GSTIN (GST Identification Number)
A 15-digit unique registration number for GST-registered businesses. First 2 digits are state code, next 10 are PAN.
HUF (Hindu Undivided Family)
A separate legal and tax entity under Indian law consisting of all members of a Hindu family descended from a common ancestor. An HUF has its own PAN, can hold property, earn income, and file its own ITR — providing legal tax planning advantages.
HRA (House Rent Allowance)
A component of salary provided by employers for rental expenses. Partially or fully exempt from income tax under Section 10(13A) subject to conditions.
IRDAI (Insurance Regulatory and Development Authority of India)
The statutory regulator for the insurance sector in India, supervising both life and non-life insurance companies. IRDAI sets guidelines for policy terms, premium rates, claim settlements, and grievance redressal.
ITR (Income Tax Return)
An annual form filed with the Income Tax Department declaring total income earned and taxes paid in a financial year. Different ITR forms (ITR-1 to ITR-7) apply to different taxpayer types.
KYC (Know Your Customer)
A mandatory verification process where financial institutions verify the identity and address of customers using documents like Aadhaar, PAN, and passport.
MCLR (Marginal Cost of Lending Rate)
A benchmark interest rate set by banks below which they cannot lend to customers. Used to set interest rates on floating-rate loans.
Mutation
The process of updating property ownership records in municipal or revenue records (khata/patta) after a property transaction, inheritance, or partition.
NACH (National Automated Clearing House)
A centralised payment system by NPCI used for high-volume, repetitive electronic transactions — such as salary credits, dividend payments, EMI debits, and government benefit transfers (DBT).
NOC (No Objection Certificate)
A document stating there are no objections to a particular action. Used in property (bank NOC for loans), vehicle transfer (RTO NOC for inter-state), and many other contexts.
NPS (National Pension System)
A voluntary, defined-contribution pension scheme regulated by PFRDA. Available to all Indian citizens aged 18–70. Offers market-linked returns and significant tax benefits.
OC (Occupancy Certificate)
A certificate issued by the local municipal authority certifying that a building has been constructed as per approved plans and is fit for occupation.
PAN (Permanent Account Number)
A 10-character alphanumeric identifier issued by the Income Tax Department to every taxpayer. Mandatory for financial transactions above ₹50,000 and for filing income tax returns.
PFRDA (Pension Fund Regulatory and Development Authority)
The regulator for pension funds in India, overseeing the National Pension System (NPS) and related pension products.
PRAN (Permanent Retirement Account Number)
A 12-digit unique number assigned to each NPS subscriber, serving as the primary identifier for their NPS account.
PMJAY (Pradhan Mantri Jan Arogya Yojana)
India's flagship government health insurance scheme under Ayushman Bharat providing cashless hospitalisation coverage of ₹5 lakh per family per year to economically weaker sections. Covers 1,929+ medical procedures at empanelled hospitals.
PPF (Public Provident Fund)
A long-term savings scheme backed by the Government of India with a 15-year lock-in period. Offers 7.1% p.a. interest (tax-free), and full EEE (Exempt-Exempt-Exempt) tax status. Maximum annual deposit: ₹1.5 lakh.
PUC (Pollution Under Control)
A mandatory certificate confirming that a vehicle's exhaust emissions are within the limits prescribed by the government. Required for all vehicles except EVs.
RC (Registration Certificate)
A document issued by the RTO certifying that a vehicle is registered. Contains owner details, vehicle specifications, insurance validity, and PUC status.
RERA (Real Estate Regulation and Development Act)
A 2016 law protecting home buyers by mandating builders to register projects, maintain escrow accounts (70% of funds), and be accountable for delays and quality.
RTO (Regional Transport Office)
A government office responsible for vehicle registration, issuing driving licences, collecting road tax, and enforcing transport regulations.
SEBI (Securities and Exchange Board of India)
The statutory regulator for the securities market in India, overseeing stock exchanges, mutual funds, brokers, and listed companies. SEBI protects investor interests and regulates capital market participants.
Section 80C
A provision under the Income Tax Act allowing individuals to claim deductions of up to ₹1.5 lakh per year for investments in instruments like EPF, PPF, ELSS mutual funds, life insurance premiums, NSC, home loan principal repayment, and children's tuition fees.
SCSS (Senior Citizen Savings Scheme)
A government-backed savings scheme for citizens aged 60+ offering quarterly interest payouts at 8.2% p.a. with a maximum investment of ₹30 lakh.
Stamp Duty
A state government tax levied on legal documents, especially property transactions. Calculated as a percentage (4–8%) of the property value or circle rate, whichever is higher.
TAN (Tax Deduction Account Number)
A 10-character alphanumeric number required by persons responsible for deducting or collecting tax at source (TDS/TCS). Different from PAN.
TCS (Tax Collected at Source)
A tax collected by the seller from the buyer at the time of sale of specified goods or services (e.g., foreign remittances, car purchases above ₹10 lakh, overseas tour packages). The collected amount is deposited with the government and can be claimed as credit while filing ITR.
TDS (Tax Deducted at Source)
A mechanism where tax is deducted at the source of income (salary, interest, rent, etc.) before it reaches the recipient. The payer deposits TDS with the government.
UAN (Universal Account Number)
A 12-digit number assigned to every EPF member by EPFO. Remains constant across all employers and links all PF accounts of an employee.
UIDAI (Unique Identification Authority of India)
The statutory authority responsible for issuing Aadhaar numbers and maintaining the Aadhaar database. Operates under the Ministry of Electronics and IT.