Income Tax Return Terms and Meanings: Complete Glossary

Who should read this: First-time filers, salaried employees, and anyone decoding the words on the e-filing portal.

Reading time: ~14 minutes · Last updated: 30 June 2026 · Applicable FY: 2025-26 · Applicable AY: 2026-27

Written by Srinivas Maram (Kondapur, Hyderabad). Reviewed by a Chartered Accountant on our practice team. References are to the Income-tax Act, 1961 and the Income Tax Department portal. See Sources.

Income tax filing is full of abbreviations and technical words. This glossary defines each term used in income tax returns, in the order you actually meet them: the identifiers, the statements, the income heads, the payment terms, the filing and verification words, and the return and notice types.

Identifiers and Numbers

Statements and Documents

Income Heads and Computation Terms

Tax Payment and Refund Terms

See advance tax due dates and how to check refund status.

Filing and Verification Terms

Return Types

Deep dives: belated, revised, and updated returns and the ITR-U updated return guide.

Notices and Compliance Terms

The Eight Terms People Get Wrong

Step 1: Gross Total Income vs Total Income.** Add every head = Gross Total Income; subtract eligible deductions = Total Income. Tax and the 87A rebate apply to Total Income, not Gross Total Income.

Step 2: Deduction vs Rebate vs Exemption.** A deduction reduces income (80C). A rebate (87A) reduces tax. An exemption keeps income out of the tax net entirely (e.g., HRA portion, PPF interest).

Step 3: AY vs FY.** You earn in the Financial Year and are assessed in the next Assessment Year. For income earned in FY 2025-26 you file in AY 2026-27.

Step 4: 26AS vs AIS.** Claim TDS only from Form 26AS. AIS is for reconciling income; a TDS entry in AIS but not 26AS cannot be claimed until the deductor corrects its return.

Step 5: Belated vs Revised.** A belated return is filed after the due date. A revised return corrects an already-filed return. Both can be filed until 31 December 2026.

Step 6: Revised vs Updated (ITR-U).** A revised return corrects errors and can increase a refund. An updated return (ITR-U) is voluntary, requires additional tax, and cannot be used to claim or increase a refund.

Step 7: TDS vs Advance Tax vs Self-Assessment Tax.** TDS is deducted by others; advance tax is paid in instalments by you during the year; self-assessment tax is the balance you pay at filing.

Step 8: Verification vs Submission.** Submitting the return is not the end. You must e-verify within 30 days, or the return is treated as never filed.

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Frequently Asked Questions

What is the difference between a belated, revised and updated return?

A belated return under Section 139(4) is filed after the due date, up to 31 December 2026 for AY 2026-27, with a late fee. A revised return under Section 139(5) corrects a return already filed and can be filed up to 31 March 2027. An updated return (ITR-U) can be filed up to 48 months after the end of the assessment year, but only to pay extra tax, never to claim or increase a refund.

What is the difference between gross total income and total income?

Gross total income is the sum of income under all five heads (salary, house property, business or profession, capital gains and other sources) after set-off of losses. Total income, or taxable income, is gross total income minus Chapter VI-A deductions such as 80C and 80D. Tax slabs and the Section 87A rebate limit are applied to total income.

Which TDS figure should I claim, the one in AIS or in Form 26AS?

Claim TDS based on Form 26AS, which reflects tax actually deposited by deductors against your PAN. AIS gives a wider view of income and transactions and is used to check that all income is reported. If TDS shows in AIS but not in Form 26AS, ask the deductor to correct its TDS return before you claim it.

What is the difference between ITR-V, EVC and e-verification?

ITR-V is the one-page acknowledgement generated after you submit a return. E-verification is how you confirm the return is yours, within 30 days, using Aadhaar OTP, net banking, a bank or demat EVC, or DSC. EVC is the electronic verification code used in some of these methods. You can instead sign and post ITR-V to CPC Bengaluru.

What is the difference between assessment year and tax year?

Under the Income-tax Act, 1961, income earned in a financial year is assessed in the next assessment year, so FY 2025-26 income is filed as AY 2026-27. The Income-tax Act, 2025 replaces this pair with a single tax year from 1 April 2026, so income from April 2026 to March 2027 is Tax Year 2026-27.

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Sources

Based on the Income-tax Act, 1961, the Income Tax Department e-filing portal and its glossary and help pages (incometax.gov.in/iec/foportal/), the AIS and TIS documentation, and CBDT instructions for AY 2026-27. Definitions are explained in plain English; confirm specific figures, limits, and dates against the official portal before filing.

A Complete Glossary of Income Tax Return Terms