Indexation
Definition
A method of adjusting the purchase cost of a long-term capital asset for inflation using a notified cost-inflation index, so that only the real gain is taxed. Its availability depends on the asset class and the rules in force.
Related Terms in India GST
PAN (Permanent Account Number)
A ten-character alphanumeric identifier issued by the Indian Income Tax Department to track a taxpayer's financial transactions. It is required for filing returns, high-value transactions, and most TDS and GST interactions.
Section 139 (Return Filing)
The provision governing the obligation and due dates for filing income-tax returns in India, including who must file, belated returns, revised returns and updated returns, each with its own time limits and conditions.
Belated Return
An income-tax return filed after the original due date but within the extended limit allowed by law in India. A late-filing fee and interest may apply, and some losses cannot be carried forward if the return is belated.
Revised Return
A return filed to correct an error or omission in an income-tax return already submitted, within the time limit allowed. It replaces the original return for the year.
Stop memorising terms — let HelloBooks do the work
AI-assisted bookkeeping that handles invoicing, GST, reconciliations, and reports automatically. Free to start.