Microsoft Azure Tenant and Subscription
A Tenant is a Microsoft Entra ID entity that typically holds an organization.
A Tenant refers to a single dedicated and trusted instance of Azure Active Directory and it gets created automatically when you sign up for a Microsoft cloud service subscription.
In broader terms, when your organization signs up for cloud service subscription. A tenant, therefore, represents a single organization. Every tenant in Microsoft holds a unique Tenant ID. (tenant GUID)
For example: stormitservices.onmicrosoft.com
The Azure AD tenant provides a single place to manage users, groups and their permissions for the applications published in the Azure AD. Azure Active Directory can be used to manage permissions for Office 365, Dynamics 365, and Azure as well. Azure AD can also be used to control access to many other third-party applications registered with Azure AD. To manage the permissions for an application using Azure AD, the application must be registered in Azure Active Directory.

Azure Subscription:
Tenants can have one or more subscriptions, which are agreements with Microsoft to use cloud services, including Azure. and how to pay. Every Azure resource is associated with a subscription.
Each subscription has an ID associated with it.
For example, an organisation has multiple departments so we can have dedicated subscription for each department in order to bifurcate the resources being used by each department. It could also aid in terms of billing for individual department.
Tagged Access Policy Cloud, Azure, Azure Subscription, Azure Tenant,