Debt

Tax Glossary Definition

Debt

Debt – Debt is a financial obligation arising when one party (the borrower) receives funds from another (the lender) under an agreement to repay the principal amount, typically with interest, within a specified timeframe. It may exist in the form of loans, bonds, or other credit instruments and serves as a common financing source for individuals, corporations, and governments.

Example: A business that borrows ₹5 lakh from a bank at 10% annual interest, repayable over five years, incurs a debt obligation.

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