Deficiency

Tax Glossary Definition

Deficiency

A deficiency refers to a shortfall or unmet portion of a financial obligation that arises when available assets, funds, or payments are insufficient to cover the total amount owed. The term is frequently used in contexts such as loan settlements, tax assessments, or liquidation processes, where the remaining unpaid balance represents the deficiency amount.

Example: If a borrower owes ₹10 lakh on a loan but the sale of pledged collateral generates only ₹8 lakh, the unpaid ₹2 lakh constitutes the deficiency that remains due to the lender.

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