10 Must Know Income Tax Abbreviation While Filing Tax Returns

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A large number of individuals are filing their tax returns online by themselves. It is thus very important for them to understand the various terms and abbreviations. Not knowing the abbreviations can cause confusion and hindrance when filing income tax returns.

Individuals should file their income tax returns before July 31, 2016 to avoid any delay in refunds.

10 Must Know Income Tax Abbreviation While Filing Tax Returns

Here are some of the abbreviation tax payer must know:

 TermAbbreviation
1PANPermanent Account Number
2ITRIncome Tax Return
3AYAssessment Year
4ITDIncome Tax Department
5CPCCentralized Processing Centre
6EVCElectronic Verification Code
7DSCDigital signature Certificate
8IDSIncome Declaration Scheme
9TDSTax Deducted at Source
10TANTax Deduction Account Number

Conclusion

Above mentioned is a basic abbreviation one must know. It is always helpful to know the things before hand instead of looking for answers at the peak time.Filing Income tax returns can be a simple thing for those who understand the process, terms and abbreviations.

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