This glossary is maintained by KAMRIT Financial Services LLP for founders, CFOs, finance leaders, and journalists who need a clean reference for Indian compliance vocabulary. Each definition is short, plain-English, and links to the relevant filing service where applicable.
A
AOA (Articles of Association), The internal rule-book of a company. Filed with MCA alongside the MOA at incorporation. See Private Limited Company registration.
Advance Tax, Income tax paid in four instalments during the financial year (15 June, 15 Sept, 15 Dec, 15 Mar) instead of as a lump sum after year-end. Mandatory for any taxpayer with estimated annual tax over ₹10,000. See Advance tax planning.
Annual ROC Filing, Mandatory once-a-year filings with the Registrar of Companies under the Companies Act, 2013: AOC-4 (financials) and MGT-7 (annual return). See Annual ROC filing.
Assessment Year (AY), The year following the financial year in which income was earned. Income earned in FY 2025-26 is assessed in AY 2026-27.
Audit (Statutory), Independent examination of financial statements by a Chartered Accountant. Mandatory for every Private Limited Company, OPC, LLP above the threshold, and partnership above ₹1 crore turnover. See Statutory audit.
B
Branch Office (BO), A place of business of a foreign company in India, registered with the RBI under FEMA. See Branch office setup.
Board Resolution (BR), Formal written decision passed by the Board of Directors. Required for most material corporate actions: bank account opening, related party transactions, loans, etc.
C
CBDT (Central Board of Direct Taxes), Apex policy body for income tax administration under the Department of Revenue, Ministry of Finance.
CBIC (Central Board of Indirect Taxes and Customs), Apex policy body for GST, customs, and central excise.
CIN (Corporate Identification Number), 21-character unique number assigned to every Indian company at incorporation by MCA. Format: U/L (listing status) + 5-digit industry code + state + year + entity-type + 6-digit registration number.
Charge, Security interest created by a company on its assets in favour of a lender. Must be registered with MCA within 30 days via CHG-1. See Charge filing.
D
DIN (Director Identification Number), Unique 8-digit number issued by MCA to every individual who serves as a director of an Indian company. See DIN application.
Director KYC (DIR-3 KYC), Annual filing every DIN-holder must complete by 30 September. See Director KYC.
DSC (Digital Signature Certificate), Cryptographic certificate used to sign filings on MCA, GSTN, and Income Tax portals. Required for every director and authorised signatory. See DSC issue.
E
ECB (External Commercial Borrowing), Foreign-currency loan or bond raised by an Indian entity from non-resident lenders. Regulated by RBI under FEMA. See ECB advisory.
EIN (Employer Identification Number), 9-digit US Federal tax ID for entities. Required for US LLC / C-Corp bank account opening and tax filing. KAMRIT files EIN starting at USD 599. See EIN service.
ESI (Employees' State Insurance), Social security and health insurance scheme for Indian workers under the ESI Act. Mandatory for establishments with 10 or more employees earning up to ₹21,000/month. See ESI registration.
E-invoicing, Mandatory GST e-invoice generation on the Invoice Registration Portal for businesses with aggregate turnover above ₹5 crore (effective 1 August 2023 onward). See E-invoicing setup.
E-way Bill, Electronic document generated on the EWB portal for any inter-state movement of goods over ₹50,000. See E-way bill setup.
F
FC-GPR, Foreign Currency-Gross Provisional Return. Filing made by an Indian company within 30 days of receiving FDI, reporting issue of shares to the foreign investor. See FC-GPR filing.
FC-TRS, Foreign Currency-Transfer of Shares. Filing made within 60 days of a transfer of shares between a resident and non-resident. See FC-TRS filing.
FDI (Foreign Direct Investment), Investment by a foreign entity or person in an Indian company. Routed via the Automatic Route (no approval) or Approval Route (sector-specific government nod). See FDI advisory.
FEMA (Foreign Exchange Management Act, 1999), The umbrella legislation governing all foreign exchange transactions in India. Administered by the RBI.
Financial Year (FY), In India, 1 April to 31 March. The current financial year is FY 2025-26.
FSSAI (Food Safety and Standards Authority of India), Statutory body regulating food businesses. FSSAI registration is mandatory for any entity manufacturing, processing, storing, distributing, or selling food. See FSSAI licence.
G
GST (Goods and Services Tax), Comprehensive indirect tax levied on the supply of goods and services in India, replacing 17 earlier taxes. Administered jointly by Centre (CGST + IGST) and States (SGST). See GST registration.
GSTIN (GST Identification Number), 15-character state-wise PAN-based unique number assigned to every GST-registered taxpayer.
GSTR-1 / GSTR-3B / GSTR-9, Monthly outward-supply return, monthly summary return, and annual return respectively. See GST returns.
I
IEC (Import Export Code), 10-digit unique code issued by the Directorate General of Foreign Trade (DGFT), mandatory for any import or export transaction. See IEC registration.
ITIN (Individual Taxpayer Identification Number), 9-digit US tax processing number issued by the IRS to non-residents who need to file US returns. KAMRIT files ITIN starting at USD 799. See ITIN service.
ITR (Income Tax Return), Annual return filed by every taxpayer with the Income Tax Department reporting income and tax liability. See ITR filing.
L
Liaison Office (LO), Representative office of a foreign company in India, not allowed to conduct any commercial activity. RBI approval required.
LLP (Limited Liability Partnership), Partnership form of business with limited liability for partners, governed by the LLP Act, 2008. See LLP registration.
M
MCA (Ministry of Corporate Affairs), Ministry of the Government of India responsible for administration of the Companies Act, 2013 and LLP Act, 2008.
MOA (Memorandum of Association), The charter document of a company defining its name, object clause, and capital. Filed with MCA at incorporation.
MSME / Udyam, Micro, Small, and Medium Enterprise classification under the MSME Development Act, 2006. Registration is on the Udyam portal. See MSME / Udyam registration.
O
OPC (One Person Company), Single-member Private Limited Company structure introduced under Companies Act, 2013. See OPC registration.
ODI (Overseas Direct Investment), Investment by an Indian entity in a foreign company, regulated by RBI under FEMA. See ODI advisory.
P
PAN (Permanent Account Number), 10-character alphanumeric tax identifier issued by the Income Tax Department to every taxpayer.
PF (Provident Fund), Retirement-savings scheme administered by EPFO. Mandatory for establishments with 20 or more employees. See PF registration.
Place of Effective Management (POEM), Tax-residency test introduced in 2017 for foreign companies. A foreign company is treated as Indian tax-resident if its POEM is in India.
R
RBI (Reserve Bank of India), Central bank of India and regulator of FEMA, ECB, FDI reporting (via the FIRMS portal), and ODI.
ROC (Registrar of Companies), State-level office under MCA responsible for company registrations and annual filings.
S
Section 8 Company, Company incorporated for charitable purposes under Section 8 of the Companies Act, 2013. The Indian equivalent of a US 501(c)(3). See Section 8 incorporation.
Statutory Audit, See Audit (Statutory).
T
TAN (Tax Deduction Account Number), 10-character alphanumeric number issued by the IT Department, mandatory for every entity deducting or collecting tax at source.
TDS (Tax Deducted at Source), Mechanism for collecting income tax at the point of payment under various sections of the Income Tax Act. Common sections: 192 (salary), 194C (contracts), 194J (professional fees), 194I (rent). See TDS returns.
Transfer Pricing (TP), Pricing of transactions between associated enterprises, regulated under Sections 92-92F of the Income Tax Act. See Transfer pricing study.
Trademark (TM), Distinctive sign registered with the Indian Trade Marks Registry under the Trade Marks Act, 1999. See Trademark registration.
U
Udyam, See MSME / Udyam.
V
Valuation (Registered Valuer), Asset / share valuation by an IBBI-registered valuer, required under Companies Act and Income Tax for many corporate actions.
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