July 2025

6. The head of income that includes earnings from a profession or trade.
7. The official record of proceedings of a meeting.
8. The legal entity that hears cases related to insolvent companies.
9. A legal document issued by a company to raise capital from the public, acknowledging a debt.
10. A section in the Income Tax Act that allows deductions for various investments and payments.
12. A debt that is not collectible and therefore worthless to the creditor.
14. A statement prepared to reconcile the difference between the bank balance as per cash book and passbook.
15. The process of legally dissolving a company.
16. A method of inventory valuation assuming the first items purchased are the first ones sold.

1. A tax return filed after the original due date.
2. A systematic code used for the classification of goods under the GST regime.
3. A formal opinion issued by an auditor about the fairness of financial statements.
4. The tax levied by the Central Government on the intra-state supply of goods and services.
5. A company that is not a public company and has restrictions on the transferability of shares.
11. The process of combining the income of another person with one's own income for tax purposes.
13. The governing body that presides over the GST regime in India.