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While dealing with tax issues or planning investments we come across many terms which have a defined meaning but either we do not know the meaning or have only a vague idea about such terms.

I have tried here to bring out the defined meaning of different important and frequently used such terms in simple words.

Agricultural Land
Assessment Year
Bonus Shares
Capital Asset
Close Relative as per Companies Act 2013
Disabilities (For Section 80DD, 80DDB & 80U of Income Tax Act)
Either or Survivor Basis
Equity Oriented Mutual Funds
Exit Load on Mutual Funds
Financial Year/Previous Year
Former or Survivor Basis
Government Securities
Holding period of a Capital Asset
Senior Citizen
Speculative Transactions
Super Senior Citizen
TDS (Tax Deducted at Source)

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