§ Resources · Glossary

Legal glossary

Working definitions for orientation, with the statute each term comes from. They are summaries, not statutory text.

Absolute grounds: Reasons a trademark cannot be registered because of its own nature — for example, descriptive, generic or deceptive marks. Intellectual Property · Trade Marks Act, 1999, s. 9
AD bank: An authorised dealer: a bank authorised by the Reserve Bank of India to deal in foreign exchange. Cross-Border Trade & Advisory · FEMA, 1999
Adverse possession: Open, continuous and hostile possession of immovable property for the limitation period, which can bar the owner’s claim. Real Estate & Property · Limitation Act, 1963
AGM: Annual general meeting — the yearly meeting of members at which accounts are adopted and auditors appointed. Corporate & Compliance · Companies Act, 2013, s. 96
AOC-4: The form in which a company files its financial statements with the Registrar of Companies. Corporate & Compliance · Companies Act, 2013, s. 137
Arbitrability: Whether a dispute is capable of being settled by arbitration under Indian law. Arbitration & Dispute Resolution · Arbitration and Conciliation Act, 1996
Arbitral award: The tribunal’s final, reasoned decision, enforceable as a decree once the time for challenge has passed. Arbitration & Dispute Resolution · Arbitration and Conciliation Act, 1996, s. 36
Articles of Association: The document setting the internal rules of a company, subordinate to the Memorandum and the Act. Corporate & Compliance · Companies Act, 2013, s. 5
Assignment: Transfer of ownership of a right — for copyright, it must be in writing and signed. Intellectual Property · Copyright Act, 1957, s. 19

Benami transaction: Property held by one person for the benefit of another who paid for it; prohibited and subject to confiscation. Real Estate & Property · Benami Transactions (Prohibition) Act, 1988
Beneficial owner: The natural person who ultimately owns or controls a company or holds a significant interest in it. Corporate & Compliance · Companies Act, 2013, s. 90

Carpet area: The net usable floor area of an apartment, excluding external walls, balconies and common areas, as RERA defines it. Real Estate & Property · RERA, 2016, s. 2(k)
CIN: Corporate Identification Number — the 21-character identifier assigned to a company on incorporation. Corporate & Compliance
Composition scheme: A GST scheme for small taxpayers, with a lower fixed rate on turnover, quarterly filing, no input credit and no inter-state supplies. Taxation & Regulatory · CGST Act, 2017, s. 10
Consideration: Something of value given in exchange for a promise; essential to a valid contract. Legal Advisory & Documentation · Indian Contract Act, 1872, s. 2(d)
Conveyance: The instrument that transfers title in immovable property. Real Estate & Property · Transfer of Property Act, 1882
Copyright: The exclusive right in an original literary, artistic, musical or cinematographic work, arising on creation. Intellectual Property · Copyright Act, 1957

Debenture: A debt instrument issued by a company, including a bond or any other instrument evidencing a debt. Corporate & Compliance · Companies Act, 2013, s. 2(30)
Decree: The formal expression of a court’s adjudication on the rights of the parties in a suit. Arbitration & Dispute Resolution · Code of Civil Procedure, 1908, s. 2(2)
Design (registered): The new visual features of shape, pattern or ornament applied to an article and judged by the eye. Intellectual Property · Designs Act, 2000, s. 2(d)
DIN: Director Identification Number — a unique number allotted by the MCA to every person who is or intends to be a director. Corporate & Compliance · Companies Act, 2013, s. 153
DSC: Digital Signature Certificate used to sign electronic filings. Corporate & Compliance · Information Technology Act, 2000

Easement: A right to use another’s land for a specified purpose, such as a right of way. Real Estate & Property · Indian Easements Act, 1882
Encumbrance: A charge, mortgage or other claim registered against property. Real Estate & Property
Estoppel: A rule that prevents a person from going back on a representation on which another has relied. Legal Advisory & Documentation · Bharatiya Sakshya Adhiniyam, 2023 (formerly Indian Evidence Act, 1872, s. 115)

FC-GPR: The form for reporting the issue of equity instruments to a non-resident, due within 30 days of allotment. Cross-Border Trade & Advisory · FEMA (Non-Debt Instruments) Rules, 2019
FDI: Foreign direct investment — equity investment by a non-resident in an Indian company. Cross-Border Trade & Advisory · FEMA, 1999
FIRC: Foreign Inward Remittance Certificate issued by the authorised dealer bank for an inward remittance. Cross-Border Trade & Advisory
FLA return: The annual return of foreign liabilities and assets filed with the Reserve Bank, due by 15 July. Cross-Border Trade & Advisory · FEMA, 1999
Force majeure: A clause excusing performance on defined extraordinary events beyond the parties’ control. Legal Advisory & Documentation · Indian Contract Act, 1872, s. 56

Geographical indication: A sign identifying goods whose quality or reputation is due to their place of origin. Intellectual Property · GI Act, 1999
GSTIN: The 15-character Goods and Services Tax Identification Number issued to each registration. Taxation & Regulatory · CGST Act, 2017

IEC: Importer-Exporter Code — the 10-character identifier from the DGFT needed to import or export goods. Cross-Border Trade & Advisory · Foreign Trade (Development and Regulation) Act, 1992, s. 7
Indemnity: A promise to make good a loss caused by the promisor or by another person. Legal Advisory & Documentation · Indian Contract Act, 1872, s. 124
Input tax credit: The GST paid on purchases that a registered person may set off against output tax. Taxation & Regulatory · CGST Act, 2017, s. 16
Interim measure: A provisional order preserving assets or the status quo pending a final decision. Arbitration & Dispute Resolution · Arbitration and Conciliation Act, 1996, ss. 9, 17

Khatian: The record of rights in West Bengal showing the recorded holder, plot and classification of land. Real Estate & Property · West Bengal Land Reforms Act, 1955

Limitation: The statutory period within which a claim must be brought; a time-barred claim is not heard on merits. Arbitration & Dispute Resolution · Limitation Act, 1963
Liquidated damages: A sum fixed in advance as compensation for breach, recoverable only as reasonable compensation. Legal Advisory & Documentation · Indian Contract Act, 1872, s. 74
LLP: Limited liability partnership — a body corporate with partners whose liability is limited to their contribution. Corporate & Compliance · LLP Act, 2008
LUT: Letter of Undertaking allowing a GST-registered exporter to export without paying IGST. Cross-Border Trade & Advisory · CGST Rules, 2017, Rule 96A

Mediation: A confidential, facilitated negotiation leading, where the parties agree, to an enforceable settlement. Arbitration & Dispute Resolution · Mediation Act, 2023
Memorandum of Association: The charter document stating a company’s name, objects, registered office and capital. Corporate & Compliance · Companies Act, 2013, s. 4
Moral rights: An author’s rights to be named and to object to distortion of the work, which survive assignment. Intellectual Property · Copyright Act, 1957, s. 57
Mutation: The entry of a new owner’s name in the revenue or municipal record after a transfer. Real Estate & Property

Nominee director: A director appointed to represent an investor, lender or shareholder; owes the same statutory duties as any director. Corporate & Compliance · Companies Act, 2013, s. 166
Novation: Substitution of a new contract or party for an existing one, with the parties’ consent. Legal Advisory & Documentation · Indian Contract Act, 1872, s. 62

Officer in default: The persons the Act treats as liable when a company breaches a provision. Corporate & Compliance · Companies Act, 2013, s. 2(60)
OPC: One person company — a company with a single member and a nominee. Corporate & Compliance · Companies Act, 2013, s. 2(62)

Passing off: The common-law action against misrepresentation that damages another’s goodwill. Intellectual Property
Patent: A 20-year exclusive right in a new, inventive and industrially applicable invention, granted in return for disclosure. Intellectual Property · Patents Act, 1970, s. 53
Pre-institution mediation: Mediation required before filing a commercial suit that does not seek urgent interim relief. Arbitration & Dispute Resolution · Commercial Courts Act, 2015, s. 12A
Priority date: The date from which an IP right is treated as claimed — the filing date or an earlier foreign filing. Intellectual Property · Paris Convention

QRMP: Quarterly Return Filing and Monthly Payment scheme for small GST taxpayers. Taxation & Regulatory

Relative grounds: Reasons a trademark cannot be registered because of conflict with an earlier mark. Intellectual Property · Trade Marks Act, 1999, s. 11
RERA: The Real Estate (Regulation and Development) Act, 2016, regulating real estate projects and agents. Real Estate & Property · RERA, 2016
ROC: Registrar of Companies — the MCA office with which a company is registered and files returns. Corporate & Compliance · Companies Act, 2013, s. 609

Seat of arbitration: The legal place of an arbitration; it fixes which courts supervise the proceedings. Arbitration & Dispute Resolution
Show-cause notice: A notice calling on a person to explain why a proposed action — such as a tax demand — should not be taken. Taxation & Regulatory · CGST Act, 2017, ss. 73, 74, 74A
Specific performance: A court order requiring a party to perform a contract rather than pay damages. Legal Advisory & Documentation · Specific Relief Act, 1963
SPICe+: The integrated electronic form for incorporating a company, with PAN, TAN and other registrations. Corporate & Compliance
Stamp duty: A state tax on instruments; an unstamped instrument cannot be admitted in evidence until duty and penalty are paid. Legal Advisory & Documentation · Indian Stamp Act, 1899

TAN: Tax Deduction and Collection Account Number — required to deduct or collect tax at source. Taxation & Regulatory
Tax year: The twelve-month period from 1 April for which income is computed under the Income-tax Act, 2025. Taxation & Regulatory · Income-tax Act, 2025
TDS: Tax deducted at source — tax withheld by a payer on specified payments and deposited with the government. Taxation & Regulatory
Trade secret: Confidential commercial information with economic value, protected by contract and the duty of confidence. Intellectual Property

Void / voidable: A void agreement has no legal effect; a voidable one is valid until the party entitled to do so avoids it. Legal Advisory & Documentation · Indian Contract Act, 1872, s. 2(g), 2(i)

Will and probate: A will takes effect on death; probate is the court’s certificate that a will is genuine, required in some cities for certain wills. Real Estate & Property · Indian Succession Act, 1925