MYND Business Glossary

HSN Code (Harmonized System of Nomenclature) The Harmonized System of Nomenclature (HSN) code , often referred to simply as the…

ICAI (Institute of Chartered Accountants of India) The Institute of Chartered Accountants of India (ICAI) is a statutory body established…

ICMAI: The Guardians of Cost Management The Institute of Cost Accountants of India (ICMAI), formerly known as The Institute of…

ICSI: The Guardians of Corporate Governance The Institute of Company Secretaries of India (ICSI) is a premier statutory professional body…

IGST (Integrated Goods and Services Tax) The Integrated Goods and Services Tax (IGST) is a crucial component of India's Goods…

Impairment Testing: Safeguarding Asset Value Impairment testing is a critical accounting and financial process used to determine if the carrying…

INC-22: The Cornerstone of Your Business's Legal Address The term "INC-22 (Registered Office Address)" refers to the official physical address…

Incentive Scheme An incentive scheme is a structured plan designed to motivate individuals or groups within an organization to achieve…

Income Tax Act, 1961: The Cornerstone of India's Direct Taxation The Income Tax Act, 1961 (often abbreviated as the IT…

Understanding Income Tax Deductions: Reducing Your Taxable Burden An income tax deduction is an expense that a taxpayer is legally…

Income Tax Filing Income tax filing refers to the formal process by which individuals and entities report their earnings, calculate…

Ind AS (Indian Accounting Standards) Ind AS (Indian Accounting Standards) are a set of accounting principles and guidelines issued by…

Input Tax Credit (ITC) Input Tax Credit (ITC) is a mechanism within indirect tax systems, most notably the Goods and…

Inter-company Reconciliation: Ensuring Financial Harmony Across Related Entities Inter-company reconciliation is a critical accounting process that in...

Internal Audit: An Independent Appraisal of Operations Internal audit is an independent, objective assurance and consulting activity designed to add…

Internal Control Testing Internal Control Testing refers to the systematic evaluation and examination of a company's internal control system to…

Inventory Valuation Inventory valuation refers to the accounting methods used by businesses to assign a monetary value to their inventory.…

Investment Declaration An Investment Declaration is a formal statement, typically submitted by an individual or an organization, outlining their curre...

Invoice Automation: Streamlining Your Financial Workflows Invoice automation refers to the use of technology and software to automate the entire…

Invoice Processing Invoice processing, also known as accounts payable (AP) processing, is the business function that manages the end-to-end lifecycle…

Income Tax Appellate Tribunal (ITAT) The Income Tax Appellate Tribunal (ITAT), often referred to as the "Second Appellate Authority" under…

ITR-1 (Sahaj): Simplifying Income Tax Filing for Individuals ITR-1 (Sahaj) is the simplified Income Tax Return (ITR) form prescribed by…

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?…

Income Tax Return Forms (ITR-5, ITR-6, ITR-7): A Comprehensive Guide for Businesses This entry provides a detailed explanation of Income…

Joining Bonus A joining bonus , also known as a signing bonus or a sign-on bonus, is a one-time payment…

Journal Entries: The Foundation of Financial Recording In the realm of accounting and finance, journal entries serve as the fundamental…

Know Your Customer (KYC) Know Your Customer (KYC) is a mandatory process that businesses, particularly those in regulated industries like…

What Are Key Performance Indicators (KPIs)? A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a…

Knowledge Process Outsourcing (KPO) Knowledge Process Outsourcing (KPO) is a business model where a company contracts out specific knowledge-intensive...

Understanding the Labour Welfare Fund (LWF) The Labour Welfare Fund (LWF) is a statutory fund established by various state governments…

Leave Encashment: Understanding Your Unused Time Off Leave encashment , also known as leave surrender or leave encashment of earned…

Leave Management Leave Management , also known as absence management, refers to the systematic process by which an organization tracks,…

Ledger Posting In accounting, ledger posting refers to the process of transferring financial transaction information from a journal to the…

LIFO (Last-In, First-Out): Understanding Inventory Valuation and Costing LIFO, an acronym for "Last-In, First-Out," is an inventory costing method use...

Loan Deduction A loan deduction , in a business context, refers to any amount subtracted from a company's revenue or…

Understanding the LWF Deduction: A Comprehensive Guide The LWF Deduction, an acronym for Labour Welfare Fund Deduction , is a…

Management Accounting Management accounting , also known as managerial accounting, is a subset of accounting that provides financial and non-financial...

Management Accounts Management accounts , also known as internal accounts or performance reports, are financial reports generated by a business…

Market Mapping: Understanding Your Business Landscape Market mapping is a strategic business practice that involves visually representing and analyzin...

Ministry of Corporate Affairs (MCA) The Ministry of Corporate Affairs (MCA) is a government ministry of the Republic of India…

Medical Allowance: Understanding Employee Health Benefits A Medical Allowance , often referred to as a health allowance or medical benefit,…

Mergers and Acquisitions (M&A) Mergers and Acquisitions (M&A) refer to the consolidation of companies or their assets through various financial…

MGT-7 (Annual Return): A Comprehensive Overview MGT-7 is a crucial form prescribed under the Companies Act, 2013, in India, requiring…

Management Information System (MIS) A Management Information System (MIS) is a computer-based system used by organizations to collect, process, store,...

Month-End Close The Month-End Close , often referred to as the period-end close or accounting close, is a critical accounting…

Net Salary Net salary , also known as take-home pay or net income, refers to the amount of money an…

National Financial Reporting Authority (NFRA) The National Financial Reporting Authority (NFRA) is an independent regulatory body established in India...

Notice Under Section 143(1) of the Income-tax Act, 1961 A Notice under Section 143(1) of the Income-tax Act, 1961 (India)…

Notice Under Section 148: Unveiling Tax Reassessment Procedures A Notice under Section 148 of the Income Tax Act, 1961 (India)…

Order to Cash (O2C) Order to Cash (O2C) , also known as Order-to-Payment, is a fundamental business process that encompasses…

Optical Character Recognition (OCR) Optical Character Recognition (OCR) is a technology that converts different types of documents containing text—suc...

Outsourcing Agreement An Outsourcing Agreement , also known as a service level agreement (SLA) when it pertains to the performance…

Overtime Calculation: Ensuring Fair Compensation for Extra Work Overtime calculation refers to the process of determining the additional pay owed…

Profit and Loss Statement (P&L) The Profit and Loss statement (P&L) , also known as the Income Statement, is a…

Procure-to-Pay (P2P): Streamlining the Business Buying Process Procure-to-Pay (P2P) is an end-to-end business process that encompasses all activities ...

Paid Leave Paid leave is an employment benefit that allows an employee to be absent from work for a specified…

PAN (Permanent Account Number) The Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by the Income Tax…

Pay Band A pay band , also known as a salary band or pay grade, is a predefined range of…

Pay Cycle A pay cycle , also known as a payroll cycle or pay period, is the recurring interval of…

Pay Scale: Understanding Compensation Structures A pay scale , also known as a salary scale or pay grade, is a…

The Payment of Gratuity Act, 1972 provides a lump-sum financial benefit to employees who complete five or more years of…

Payment of Wages Act, 1936: Ensuring Fair and Timely Employee Compensation The Payment of Wages Act, 1936 (PoWA) is a…

Payroll Accounting: Ensuring Accurate Employee Compensation and Compliance Payroll accounting is the systematic process of tracking, recording, and re...

Payroll Calendar A Payroll Calendar , also known as a payroll schedule or payroll processing calendar, is a meticulously planned…

Payroll Outsourcing Payroll outsourcing, also known as payroll processing outsourcing or Business Process Outsourcing (BPO) for payroll, refers to the...

Payroll Processing: Ensuring Your Workforce Gets Paid Accurately and On Time Payroll processing is the administrative and computational procedure by…

Payroll Reconciliation: Ensuring Accuracy and Compliance Payroll reconciliation is a critical accounting process that involves comparing and verifying...

Payslip Generation Payslip generation, also commonly referred to as payroll processing or salary slip generation, is the systematic and automated…

Performance Bonus A performance bonus is a type of variable pay awarded to an employee, team, or department in recognition…

Petty Cash Management Petty cash management refers to the systematic process of handling and controlling small amounts of cash kept…

PF Deduction: Understanding Employee Provident Fund Contributions PF Deduction , short for Provident Fund Deduction, refers to the mandatory contribut...

What is Post-Merger Integration? Post-Merger Integration (PMI) refers to the critical and often complex process of merging two or more…

Prepaid Expenses: Understanding Advance Payments In accounting and financial management, prepaid expenses represent costs that a business has paid for...

Presumptive Taxation: A Simplified Approach to Business Income Presumptive taxation is a tax regime where the tax liability of a…

Process Documentation Process documentation refers to the systematic creation, organization, and maintenance of written records that describe, explain...

Process Mapping: Visualizing and Optimizing Workflows Process mapping , also known as process flowcharting, is a visualization technique used to…

Process Optimization Process optimization is the systematic approach to enhancing an existing process to improve its efficiency, effectiveness, qualit...

Professional Tax (PT): A Comprehensive Overview Professional Tax (PT) , often referred to as an 'occupation tax' or 'employment tax',…

Professional Tax Deduction A professional tax deduction is a reduction in taxable income that a business can claim for expenses…

Provision and Accruals: Accounting for the Unknown and the Unpaid Provision and accruals are fundamental accounting concepts that deal with…

Quarter-End Close: A Critical Business Process The Quarter-End Close refers to the comprehensive and systematic process undertaken by businesses at…

R2R (Record to Report) The Record to Report (R2R) , sometimes also referred to as the Record to Resolution or…

Reserve Bank of India (RBI): India's Central Bank The Reserve Bank of India (RBI) is India's central bank, established on…

Reconciliation Process The reconciliation process , often referred to simply as reconciliation, is a fundamental accounting procedure used to verify…

Reimbursement Processing Reimbursement Processing refers to the comprehensive set of procedures, policies, and technologies an organization employs to...

Retention Bonus A retention bonus , also known as a retention incentive or loyalty bonus, is a financial payment offered…

Reverse Charge Mechanism (RCM) The Reverse Charge Mechanism (RCM) is a tax procedure, primarily prevalent in Goods and Services Tax…

Registrar of Companies (ROC): The Gatekeeper of Corporate Identity The Registrar of Companies (ROC) is a statutory office responsible for…

Robotic Process Automation (RPA) Robotic Process Automation (RPA) is a technology that allows organizations to configure software robots, or "bots,"…

Recruitment Process Outsourcing (RPO) Recruitment Process Outsourcing (RPO) is a strategic business practice where an employer outsources all or part…

Services Accounting Code (SAC Code) The Services Accounting Code (SAC Code) is a standardized classification system used in India to…

Salary Advance A salary advance , also known as a payroll advance or earned wage access (EWA), is a financial…

Salary Deductions: Understanding What Gets Taken Out of Your Paycheck Salary deductions, often referred to as paycheck deductions or withholdings,…

Salary Processing: Ensuring Employees are Paid Accurately and On Time Salary processing, also known as payroll processing, refers to the…

Salary Structure Design Salary structure design refers to the systematic process of establishing a hierarchical framework that defines the pay…

Salary Survey A salary survey , also known as a compensation survey or benchmarking study, is a systematic process of…

Securities and Exchange Board of India (SEBI): Safeguarding India's Financial Markets The Securities and Exchange Board of India (SEBI) is…

Understanding Section 10: Exempt Income for Businesses Section 10, in the context of taxation, refers to a specific provision within…

Understanding Section 44AD: A Simplified Approach to Business Taxation Section 44AD of the Income Tax Act, 1961, is a significant…

Section 80C of the Income Tax Act: A Comprehensive Guide to Tax-Saving Investments Section 80C of the Indian Income Tax…