Letter of Undertaking (LUT)
A document filed by an exporter to supply goods or services without payment of integrated tax, as an alternative to paying IGST and claiming a refund.
Related terms
- Leave Encashment
Payment made to an employee for unused earned leave, either on separation or periodically — like gratuity, typically provided for on an actuarial basis for larger employers.
- Letter of Credit
A bank's conditional undertaking to pay a seller on a buyer's behalf once specified documents are presented, commonly used in import/export trade.
- Limited Review
A review of interim financial results, less in scope than a full audit, typically performed on a listed company's quarterly results.
- Loan Covenant
A condition attached to a borrowing that the borrower must comply with, breach of which can trigger default or accelerated repayment regardless of whether payments are current.
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231 terms in total, or go deeper with working procedures and worked examples in the resource library.