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 57 terms starting with "S"
Clear filterS&E Acts - Records & Management
Understanding Shops & Establishments (S&E) Records Management In the realm of Human Resources and statutory compliance, the term S&E Acts - Records & Management refers to the mandatory administrative ...
View definitionSabbatical Leave
Sabbatical Leave A sabbatical leave , often shortened to just “sabbatical,” is a period of paid or unpaid absence from work granted to an employee, typically after a certain number of years of...
View definitionSAC Code (Services Accounting Code)
Services Accounting Code (SAC Code) The Services Accounting Code (SAC Code) is a standardized classification system used in India to identify and categorize various services for taxation purposes,...
View definitionSalary Advance
Salary Advance A salary advance , also known as a payroll advance or earned wage access (EWA), is a financial service that allows employees to access a portion of their earned wages before their...
View definitionSalary Deductions
Salary Deductions: Understanding What Gets Taken Out of Your Paycheck Salary deductions, often referred to as paycheck deductions or withholdings, are amounts subtracted from an employee’s gross pay...
View definitionSalary Negotiation
What is Salary Negotiation? Salary negotiation is a formal process of communication and bargaining between an employer and a prospective or current employee to reach a mutually acceptable agreement re...
View definitionSalary Processing
Salary Processing: Ensuring Employees are Paid Accurately and On Time Salary processing, also known as payroll processing , refers to the comprehensive system and set of activities undertaken by an...
View definitionSalary Structure Design
Salary Structure Design Salary structure design refers to the systematic process of establishing a hierarchical framework that defines the pay ranges for different job roles within an organization.
View definitionSalary Survey
Salary Survey A salary survey , also known as a compensation survey or benchmarking study, is a systematic process of collecting and analyzing data on the compensation levels of various job roles...
View definitionSales Recruitment
What is Sales Recruitment? Sales recruitment is a specialized sub-discipline within human resources (HR) and talent acquisition focused on identifying, attracting, interviewing, assessing, and hiring ...
View definitionScreening and Verification
Overview and Definition In the field of Human Resources (HR), Screening and Verification refers to the systematic process of evaluating job applicants to ensure they possess the necessary qualificatio...
View definitionSeasonal Staffing
Seasonal Staffing Seasonal staffing refers to the strategic human resources practice of hiring temporary employees to accommodate anticipated, predictable surges in business volume that occur during s...
View definitionSEBI (Securities and Exchange Board)
Securities and Exchange Board of India (SEBI): Safeguarding India’s Financial Markets The Securities and Exchange Board of India (SEBI) is the primary regulatory body for the securities market in...
View definitionSecondment
Secondment (Human Resources) In the realm of Human Resources (HR) and corporate management, a secondment is the temporary assignment or transfer of an employee to another department, position, or an e...
View definitionSection 10 (Exempt Income)
Understanding Section 10: Exempt Income for Businesses Section 10, in the context of taxation, refers to a specific provision within tax legislation that defines and enumerates categories of income...
View definitionSection 128A (GST Amnesty Scheme)
Section 128A is a CGST Act provision offering a conditional waiver of interest and penalties on Section 73 tax demands for FY 2017-18 to 2019-20 upon full payment of principal tax.
View definitionSection 194Q (TDS on Purchase of Goods)
Section 194Q mandates a 0.1% tax deduction at source by buyers with annual business turnover above Rs 10 crore on goods purchased from a resident seller exceeding Rs 50 lakh in a financial year.
View definitionSection 194R (TDS on Benefits and Perquisites)
Section 194R requires businesses to deduct 10% TDS on benefits or perquisites exceeding Rs 20,000 annually given to resident dealers, channel partners, or service providers.
View definitionSection 194S (TDS on Virtual Digital Assets)
Section 194S mandates a 1% tax deduction at source on payments made to Indian residents for the transfer of virtual digital assets, subject to specific annual threshold limits.
View definitionSection 206AB (Higher TDS for Non-Filers)
Section 206AB was an Income-tax Act provision imposing higher TDS rates on non-filers of tax returns. It was omitted by the Finance Act 2025 with effect from 1 April 2025.
View definitionSection 206C(1H) (TCS on Sale of Goods)
Section 206C(1H) required sellers with turnover over ₹10 crore to collect 0.1% TCS on receipts above ₹50 lakh for goods, until its omission by Finance Act 2025 effective 1 April 2025.
View definitionSection 43B(h) (MSME Payment Deduction)
Section 43B(h) requires businesses to settle dues to registered micro and small enterprises within MSMED Act timelines or lose their income tax deduction until the year of actual payment.
View definitionSection 44AD (Presumptive Income)
Understanding Section 44AD: A Simplified Approach to Business Taxation Section 44AD of the Income Tax Act, 1961 , is a significant provision that offers a simplified regime for taxation of eligible...
View definitionSection 80C (Tax Deductions)
Section 80C of the Income Tax Act: A Comprehensive Guide to Tax-Saving Investments Section 80C of the Indian Income Tax Act, 1961 , is a pivotal provision that allows taxpayers to claim deductions...
View definitionSelf-Assessment Tax
Self-Assessment Tax Self-assessment tax is a system where taxpayers are responsible for calculating and reporting their own tax liabilities to the relevant tax authority.
View definitionSemi-Skilled Workers
Definition and Overview In human resources and labor economics, a Semi-Skilled Worker refers to an individual whose job duties require a certain degree of specialized training, cognitive ability, or t...
View definitionSeparation Process
Separation Process The separation process in human resources refers to the formal procedures and activities involved when an employee’s employment relationship with an organization officially ends.
View definitionService Agreement
Understanding Service Agreements in Human Resources In the context of Human Resources (HR) and corporate governance, a Service Agreement (often referred to as a Contract for Services or an Executive S...
View definitionService Certificate
Service Certificate A Service Certificate , also known as an Employment Certificate or Experience Letter , is an official document issued by an employer to an employee upon the termination or...
View definitionService Level Agreement (SLA)
Service Level Agreement (SLA) A Service Level Agreement (SLA) is a formal, documented contract between a service provider and a customer that defines the level of service expected from the provider.
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