Patron Accounting · Glossary

Accounting, Tax & Compliance Glossary

Clear, India-specific definitions of the accounting, tax, GST and compliance terms that come up when you run a business, each written and reviewed by our Chartered Accountants and Company Secretaries. Choose a service area below to browse its glossary.

India-specific examples in INRCA & CS reviewedUpdated for FY 2026-27Free to use

Accounting & Bookkeeping

Definitions for the ledgers, GST, reconciliation and reporting terms behind clean books.

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GST

Registration, returns, input tax credit, e-invoicing and TCS terminology.

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Income Tax & TDS

ITR, TDS/TCS, advance tax and assessment terms.

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Company Registration

Incorporation, DIN, MOA/AOA and post-registration terms.

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ROC & Compliance

Annual filings, MCA forms and corporate compliance terms.

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Payroll & Labour

PF, ESI, gratuity and payroll-processing terms.

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Licenses & Certificates

FSSAI, ISO, IEC and trade-licence terms.

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Trademark & IP

Trademark, copyright and IP-protection terms.

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What are some basic accounting terms?

Common ones are assets (what a business owns), liabilities (what it owes), equity (the owners' stake), revenue (income earned) and expenses (costs incurred), plus the general ledger, journal entry and trial balance that record them. This glossary defines each in plain English with an Indian example.

What are the 5 basic elements of accounting?

The five elements are assets, liabilities, equity, income (revenue) and expenses. Every transaction affects at least two of them under double-entry; together they build the balance sheet (assets, liabilities and equity) and the profit and loss statement (income and expenses). Each has its own entry in this glossary.

How can I learn and remember accounting terms?

Start with the fundamentals - assets, liabilities, equity, income and expenses - then use each term in context: read its worked example in INR, see how it is handled in Tally or Zoho Books, and follow the related-term links. Looking terms up here as questions come up makes them stick better than memorising a list.