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Financial Terms

KYC

It helps in preventing fraud and financial crimes such as money laundering. The process involves collecting information about a customer's identity, occupation, and source of income.

KYC, or "Know Your Customer," is a crucial concept in the world of finance. It enables institutions to ensure the legitimacy of their customers and prevent potential financial crimes. By collecting details like identity, occupation, and source of income, KYC helps institutions stay vigilant and protect against fraud and money laundering. In other words, it's a necessary step towards maintaining the integrity and security of the financial industry.

Union Budget

As a finance expert, it is vital to understand the government's financial statements. These reports provide a detailed breakdown of all expenditures and revenues, including ...

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Accrued Expenses

Unpaid expenses refer to the costs incurred by a company that have been recorded in its books but have not yet been settled. These expenses are classified as liabilities on ...

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Dividend Distribution Tax

This tax is paid by the company, not the shareholders. The term "dividend tax" refers to a tax levied by the Indian government on companies that distribute dividends to thei...

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Nominee

This individual is authorized to act on behalf of the investor in case of any unforeseeable circumstances such as death or incapacitation. A Nominee refers to an individual ...

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