A mechanism where tax is deducted directly by the payer at the time of transaction (like salary payout) and deposited straight into the state Treasury. Think of it as tax-pay-as-you-earn.

A statutory exclusion of certain incomes from total gross calculation entirely (e.g., agricultural income or parts of House Rent Allowance), preventing it from being taxed.

Levied on any profit accrued from selling capital assets such as real estate, mutual funds, or stock shares. Divided broadly into Long-Term (LTCG) and Short-Term (STCG).

A cornerstone of GST, allowing businesses to subtract the tax already paid on raw material purchases from the final tax payable on sales, preventing tax-cascading.

A tax break allowing businesses to write off the steady wearing-down of physical capital assets (like machinery or vehicles) over time as deductible expenses.

A formal assessment procedure executed by qualified chartered accountants or inspectors to ensure books of accounts comply flawlessly with tax legal frameworks.