Business Glossary
Clear, concise definitions of key business terms in payroll, finance, HR, compliance, and outsourcing. Your reference guide from MYND's domain experts.
Showing 70 terms starting with "I"
Clear filterICAI (Institute of Chartered Accountants)
ICAI (Institute of Chartered Accountants of India) The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, the Chartered Accountants Act, 1949,...
View definitionICMAI (Institute of Cost Accountants)
ICMAI: The Guardians of Cost Management The Institute of Cost Accountants of India (ICMAI), formerly known as The Institute of Cost and Works Accountants of India (ICWAI), is a premier statutory...
View definitionICSI (Institute of Company Secretaries)
ICSI: The Guardians of Corporate Governance The Institute of Company Secretaries of India (ICSI) is a premier statutory professional body established under the Companies Act, 1980 (and subsequently...
View definitionIGST (Integrated Goods and Services Tax)
IGST ( Integrated Goods and Services Tax) The Integrated Goods and Services Tax (IGST) is a crucial component of India’s Goods and Services Tax (GST) regime, specifically designed to govern the...
View definitionImpairment Testing
Impairment Testing: Safeguarding Asset Value Impairment testing is a critical accounting and financial process used to determine if the carrying amount (the value recorded on a company’s balance...
View definitionINC-22 (Registered Office Address)
INC-22: The Cornerstone of Your Business’s Legal Address The term “INC-22 (Registered Office Address)” refers to the official physical address of a company as recorded with the relevant government...
View definitionIncentive Scheme
Incentive Scheme An incentive scheme is a structured plan designed to motivate individuals or groups within an organization to achieve specific goals or behaviors by offering rewards, recognition, or...
View definitionIncome Tax Act, 1961
Income Tax Act, 1961: The Cornerstone of India’s Direct Taxation The Income Tax Act, 1961 (often abbreviated as the IT Act, 1961) is the principal legislation governing direct taxation in India.
View definitionIncome Tax Deduction
Understanding Income Tax Deductions: Reducing Your Taxable Burden An income tax deduction is an expense that a taxpayer is legally allowed to subtract from their gross income when calculating their...
View definitionIncome Tax Filing
Income Tax Filing Income tax filing refers to the formal process by which individuals and entities report their earnings, calculate their tax liability, and submit this information to the relevant...
View definitionIncrement Letter
Definition and Core Function An Increment Letter —often referred to as a salary revision letter or appraisal letter—is a formal official document issued by an employer to an employee confirming an...
View definitionInd AS (Indian Accounting Standards)
Ind AS (Indian Accounting Standards) Ind AS (Indian Accounting Standards) are a set of accounting principles and guidelines issued by the Institute of Chartered Accountants of India (ICAI) that are...
View definitionInd AS 1
Understanding Ind AS 1: A Foundational Overview Ind AS 1, “Presentation of Financial Statements,” is a cornerstone of the Indian Accounting Standards (Ind AS) framework.
View definitionInd AS 10
What is Ind AS 10?
View definitionInd AS 101
Understanding Ind AS 101: A Foundational Standard for Indian Accounting Ind AS 101, “First-time Adoption of Indian Accounting Standards,” is a crucial accounting standard that provides comprehensive...
View definitionInd AS 102
Understanding the Core: What is Ind AS 102?
View definitionInd AS 103
A Deep Dive into Ind AS 103: Accounting for Business Combinations Ind AS 103, Business Combinations , is an Indian Accounting Standard that prescribes the accounting treatment for business...
View definitionInd AS 104
What is Ind AS 104?
View definitionInd AS 105
Ind AS 105: Non-Current Assets Held for Sale and Discontinued Operations Ind AS 105: At a Glance Ind AS 105 is an Indian Accounting Standard that prescribes the accounting treatment for non-current...
View definitionInd AS 106
Important Note: As of the latest available information, there is no formally designated Indian Accounting Standard (Ind AS) officially numbered “Ind AS 106” by the Ministry of Corporate Affairs (MCA)...
View definitionInd AS 107
What is Ind AS 107: A Quick Overview Ind AS 107, an Indian Accounting Standard titled ‘Financial Instruments: Disclosures’, is a crucial standard notified by the Ministry of Corporate Affairs (MCA)...
View definitionInd AS 108
Introducing Ind AS 108: Operating Segments Ind AS 108, also known as “Operating Segments,” is an Indian Accounting Standard that mandates public entities to report financial and descriptive...
View definitionInd AS 109
Unpacking Ind AS 109: A Comprehensive Guide to Financial Instruments Reporting Ind AS 109 Financial Instruments is a cornerstone of financial reporting in India, governing how entities classify,...
View definitionInd AS 11
Ind AS 11, ‘Construction Contracts,’ was an Indian Accounting Standard that provided guidance on the accounting treatment of revenue and costs associated with construction contracts.
View definitionInd AS 110
What is Ind AS 110?
View definitionInd AS 111
Unpacking Ind AS 111: A Foundational Overview Ind AS 111, Joint Arrangements , is an Indian Accounting Standard that prescribes the principles for financial reporting by entities that have an...
View definitionInd AS 112
Understanding Ind AS 112: Disclosure of Interests in Other Entities Ind AS 112, an essential Indian Accounting Standard, provides comprehensive guidelines for the disclosure of an entity’s interests...
View definitionInd AS 113
Understanding Ind AS 113: Fair Value Measurement in Indian Accounting Ind AS 113, Fair Value Measurement , is a crucial Indian Accounting Standard that defines fair value, sets out a framework for...
View definitionInd AS 114
Understanding Ind AS 114: A Guide to Rate-Regulated Accounting Ind AS 114, Regulatory Deferral Accounts , is a specific Indian Accounting Standard that addresses the accounting for deferral account...
View definitionInd AS 115
Understanding Ind AS 115: A Core Definition Ind AS 115, “Revenue from Contracts with Customers,” is the Indian Accounting Standard that sets out the principles an entity must apply to report useful...
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