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Glossary of terms
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P
PAN
PAN

Permanent Account Number (PAN) is a unique ten- digit alphanumeric number, issued in the form of a laminated card, by the Income Tax department.

Partly let and ...
Partly let and partly self occupied property

When a person uses the property for his self residence for some months during the year and gives on rent for other part of the year.

Partly let out ...
Partly let out and partly vacant property

Property which is rented for some months and then vacated by the tenants or vice versa.

Patentee
Patentee

Patentee is a person who is the true and the first inventor of any invention, and whose name is entered on the patent register as a patentee. 

Perquisites
Perquisites
Any Amenity (benefit) granted free of cost or at concessional rate like rent free accomodation,domestic servant, Gas etc should be considered as perquisites.
Person
Person

Person includes an Individual, Hindu undivided family, Company ,firm, Association of persons or a Body of individuals, local authority, Every artificial juridical person.

Person with Disability
Person with Disability

A person who is suffering from at least 40% of any disability as certified by a medical authority is a “person with disability”. 

Person with severe ...
Person with severe disability

A person who is suffering from at least 80% or more of one or more than one disability as certified by a medical authority is a “person with severe disability”.

Place of work
Place of work

Place of work is a place where you perform your duties of office or employment, or carry on your business or profession.

Political party
Political party

A political party means a party registered under Section 29A of the Representation of the People Act 1951.

Preconstruction period interest
Preconstruction period interest

Where the possession or completion of property takes place after the loan is taken, the amount of interest payable on such a loan is known as preconstruction period interest.

Previous owner
Previous owner

Previous owner means a person who has actually paid price to acquire the asset.

Previous Year
Previous Year

The Financial Year in which the income is earned is known as the previous year. Any financial year begins from 1st of April and ends on subsequent 31st March.

Profession
Profession

A profession is a group of people in a learned occupation, the members of which agree to follow specified rules of conduct while practicing such occupation.

Profits in lieu ...
Profits in lieu of salary
Profits in lieu of salary consists of payments other than salary and perquisites,which are related to the the relation between the employer and employee,such as, payment at the time of termination or voulantary seperaton.
Public provident fund ...
Public provident fund (PPF)

Public provident fund is an account which can be opened with any of the authorized banks or post office for the purpose of investment or savings. It is an account in which a person can deposit any amount from Rs. 500 to a maximum of Rs.70000, during the year. This account can even be opened in the name of a minor child. An NRI can continue to operate this account if he becomes an NRI after opening the account.

The limit of Rs 70000 has been raised to Rs 1 lakh from Assessment Year 2012-13.

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