Equatorial Line and Neutral point:

Equatorial Line: The imaginary line joining the centre of mass  and perpendicular to the line joining the poles of a bar magnet is called the equatorial line.

Axial Line: The imaginary line joining the north and south poles and passing through the centre of mass of a magnet is called the axial line.

Neutral point: A point where the magnetic field induction (B) due to a bar magnet is equal in magnitude and opposite in direction to the horizontal component of earth's magnetic  field induction (B )O is called a neutral point. (or) A point at which the magnetic field induction(B )O due to a bar magnet is nullified by the horizontal component of earth's magnetic field induction is called a neutral point for the bar magnet.