IEC
Importer Exporter Code — a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to any person or firm engaged in import or export…
Compliance & RegistrationsIFSC
Indian Financial System Code — an 11-character alphanumeric code that uniquely identifies a bank branch for electronic fund transfers in India.
Banking & FinanceIGST
IGST is the tax on goods and services that cross a state border. The Centre collects it for all the states. You see it on your bill or your invoice.
GST & Indirect TaxIMPS
IMPS is the instant way to move money between banks. It runs 24x7 and works on holidays too. You send it from a banking app with the IFSC code.
Banking & FinanceIncome Tax
Income Tax is a direct tax on what you earn. The Income Tax Act, 1961 sets the rates and the slabs. You pay it on wages and on business profit each year.
Income TaxInd AS
Indian Accounting Standards — the accounting standards converged with IFRS and notified by the Ministry of Corporate Affairs for preparation of…
Accounting & AuditInd AS 115
Ind AS 115 is the Indian standard for revenue from contracts with customers. It has a 5-step model. You use it when you sell goods or give a service.
Accounting & AuditIndependent Director
A non-executive director of a company who has no material relationship with the company and is not part of the promoter group, as defined under…
Corporate LawInternal Audit
Internal Audit is a check of your books by your own team. It finds errors and risk in the way you work. Section 138 of the Companies Act also asks for it.
Accounting & AuditIRDAI
Insurance Regulatory and Development Authority of India — the apex body that regulates the insurance industry in India under the IRDA Act, 1999.
InsuranceIRN
IRN is the hash code for a GST invoice. The Invoice Registration Portal gives it. You use it to check a bill. You can pull up that bill any time.
GST & Indirect TaxISO
International Organization for Standardization — an independent, non-governmental international body that develops voluntary consensus standards for…
Compliance & RegistrationsITC
ITC is the GST you paid on inputs and input services. You set it off against the GST you charge on sales. You need the supplier bill to claim it.
GST & Indirect TaxITR
An ITR is the income tax return you file each year. It shows your income, deductions and the tax you must pay. You pick the form that fits your type of income.
Income Tax