Page 7 - Union Budget, 2022

Union Budget, 2022

GLOSSARY

Act Income Tax Act, 1961
AC Additional Commissioner
AD Additional Director
AE Advance Estimates
AMT Alternate Minimum Tax
AO Assessing Officer
AY Assessment Year
BE Budget Estimate
CBDT Central Board of Direct Taxes
CCIT Chief Commissioner of Income Tax
CG Central Government
CIRP Corporate Insolvency Resolution Process
CIT Commissioner of Income Tax
CIT(A) CIT (Appeals)
CPI Consumer Price Index
DDT Dividend Distribution Tax
DGIT Director General of Income Tax
DRP Dispute Resolution Professional
DTAA Double Taxation Avoidance Agreement
EMI Equated Monthly Instalment
ESIC Employees’ State Insurance Corporation
FDI Foreign Direct Investment
FMV Fair Market Value
FY Financial Year
GDP Gross Domestic Product
GIFT City Gujarat International Finance Tec City
GST Goods and Services Tax
HC High Court
IFSC International Financial Services Centre
ITAT Income Tax Appellate Tribunal
JC Joint Commissioner
JD Joint Director
NBFC Non-Banking Financial Company
NDTL Net Demand and Time Liabilities
NES National Economic Survey
NFAC National Faceless Assessment Centre
OBU Offshore Banking Unit
PCIT Principal Commissioner of Income Tax
PCCIT Principal Chief Commissioner of Income Tax
PE Provisional Estimates
PF Provident Fund
PMI Purchasing Managers Index
Pr. DGIT Principal Director General of Income Tax
PY Previous Year
RBI Reserve Bank of India
RE Revised Estimates
RFAC Regional Faceless Assessment Centre
ROI Return of Income
SC Supreme Court
SCB Scheduled Commercial Banks
SEBI Securities and Exchange Board of India
SLP Special Leave Petition
TAN Tax deduction and collection Account Number
TCS Tax Collected at Source
TDS Tax Deducted at Source
TPO Transfer Pricing Officer
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