Business Glossary
Clear, concise definitions of key business terms in payroll, finance, HR, compliance, and outsourcing. Your reference guide from MYND's domain experts.
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Ind AS 28
Understanding Ind AS 28: A Core Definition Ind AS 28, officially titled “Investments in Associates and Joint Ventures,” is an Indian Accounting Standard that prescribes the accounting treatment for...
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Understanding Ind AS 29: A Quick Overview Ind AS 29, Financial Reporting in Hyperinflationary Economies , is an Indian Accounting Standard that prescribes specific rules for the preparation and...
View definitionInd AS 32
Understanding Ind AS 32: A Guide to Financial Instrument Presentation Ind AS 32 is a crucial Indian Accounting Standard that dictates how financial instruments should be presented in a company’s...
View definitionInd AS 33
What is Ind AS 33?
View definitionInd AS 34
Introducing Ind AS 34: A Quick Overview Ind AS 34, Interim Financial Reporting , is an Indian Accounting Standard that prescribes the minimum content of an interim financial report and the principles...
View definitionInd AS 36
Understanding Ind AS 36: The Core Idea Ind AS 36, “Impairment of Assets,” is an Indian Accounting Standard that sets out the procedures an entity must apply to ensure that its assets are carried at...
View definitionInd AS 37
Ind AS 37: A Foundation for Financial Prudence Ind AS 37 , formally known as "Provisions, Contingent Liabilities and Contingent Assets," is an Indian Accounting Standard that prescribes the...
View definitionInd AS 38
Understanding Ind AS 38: A Core Definition Ind AS 38, or Indian Accounting Standard 38, is a critical accounting standard that prescribes the accounting treatment for intangible assets.
View definitionInd AS 40
Understanding Ind AS 40: The Core Concept Ind AS 40, Investment Property , is an Indian Accounting Standard that prescribes the accounting treatment for investment property, including recognition,...
View definitionInd AS 41
Understanding Ind AS 41: Accounting for Agriculture What is Ind AS 41?
View definitionInd AS 7
Understanding Ind AS 7: The Statement of Cash Flows Ind AS 7, “Statement of Cash Flows,” is an Indian Accounting Standard that mandates how entities should present and disclose information about...
View definitionInd AS 8
Understanding Ind AS 8: Accounting Policies, Changes in Accounting Estimates and Errors Ind AS 8 , formally known as “Accounting Policies, Changes in Accounting Estimates and Errors” , is a pivotal...
View definitionInduction Program
Induction Program An induction program , also known as onboarding or orientation , is a structured process designed to integrate new employees into an organization.
View definitionIndustrial Relations (IR)
Definition: Industrial Relations (IR) Industrial Relations (IR) refers to the complex and dynamic relationship between employers, employees, and the government (state) within an industrial or...
View definitionIndustrial Relations Code, 2020
Understanding the Industrial Relations Code, 2020: A Comprehensive Overview The Industrial Relations Code, 2020 (IRC 2020) is one of four landmark labour codes passed by the Parliament of India in...
View definitionInput Tax Credit (ITC)
Input Tax Credit (ITC) Input Tax Credit (ITC) is a mechanism within indirect tax systems, most notably the Goods and Services Tax (GST), that allows businesses to claim a credit for the taxes they...
View definitionInsurance Claim Support
Insurance Claim Support Insurance Claim Support refers to a specialized human resources (HR) and employee benefits service designed to assist employees in navigating the complexities of their employer...
View definitionInter-company Reconciliation
Inter-company Reconciliation: Ensuring Financial Harmony Across Related Entities Inter-company reconciliation is a critical accounting process that involves identifying, investigating, and resolving...
View definitionInter-State Migrant Workers
Definition and Overview In the realm of Human Resources and labor law, an Inter-State Migrant Worker refers to an individual who migrates from their home state or province to another state within the ...
View definitionInternal Audit
Internal Audit : An Independent Appraisal of Operations Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.
View definitionInternal Control Testing
Internal Control Testing Internal Control Testing refers to the systematic evaluation and examination of a company’s internal control system to determine its effectiveness in achieving its...
View definitionInternship Management
Internship Management is a comprehensive Human Resources (HR) and organizational process that involves the strategic design, implementation, oversight, and evaluation of a company’s internship program...
View definitionInventory Valuation
Inventory Valuation Inventory valuation refers to the accounting methods used by businesses to assign a monetary value to their inventory.
View definitionInvestment Declaration
Investment Declaration An Investment Declaration is a formal statement, typically submitted by an individual or an organization, outlining their current or planned investments.
View definitionInvoice Automation
Invoice Automation : Streamlining Your Financial Workflows Invoice automation refers to the use of technology and software to automate the entire process of creating, sending, receiving, processing,...
View definitionInvoice Processing
Invoice Processing Invoice processing, also known as accounts payable (AP) processing, is the business function that manages the end-to-end lifecycle of a vendor invoice.
View definitionITAT (Income Tax Appellate Tribunal)
Income Tax Appellate Tribunal (ITAT) The Income Tax Appellate Tribunal (ITAT), often referred to as the “Second Appellate Authority” under the Income Tax Act, 1961 of India, is a statutory body...
View definitionITR-1 (Sahaj)
ITR-1 (Sahaj): Simplifying Income Tax Filing for Individuals ITR-1 (Sahaj) is the simplified Income Tax Return (ITR) form prescribed by the Income Tax Department of India for resident individuals.
View definitionITR-2, ITR-3, ITR-4
Income Tax Return Forms (ITR-2, ITR-3, ITR-4): A Comprehensive Guide Understanding Your Tax Obligations: What are ITR-2, ITR-3, and ITR-4?
View definitionITR-5, ITR-6, ITR-7
Income Tax Return Forms (ITR-5, ITR-6, ITR-7): A Comprehensive Guide for Businesses This entry provides a detailed explanation of Income Tax Return (ITR) Forms 5, 6, and 7, crucial for various types...
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