define explain i

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

I

Income – The total amount of money earnt by an individual, which includes wages, rental income, investment dividends, interest and government allowances.

Input Tax Credit – A refund of GST paid on taxable supplies purchased for business use.

Input taxed supplies – Business supplies that are not subject to GST. The supplier may not claim Input Tax Credit on these.

Interest – What a lender charges a borrower in exchange for the use of their money, expressed in terms of a percentage of the principal amount.

Interest adjustment – A adjustment sometimes made by financial institutions when a borrower wishes to break a fixed term contract.

Interest in advance – Interest that is charged at the commencement of a loan period. Typically available only for fixed term loans.

Invoice – A bill stating payments required for products or services rendered.