Direct Tax & Income Tax

Direct tax is levied directly on a person’s or entity’s income or profits, such as income tax. Indirect tax is levied on goods and services and collected through the supply chain, such as GST.

Tax planning uses legitimate provisions of the law — deductions, exemptions and structuring — to reduce tax liability, and is entirely legal. Tax evasion involves concealment or misrepresentation and is illegal.

Yes. Companies pay corporate income tax at rates specified for companies, with concessional regimes for certain companies, while individuals are taxed under slab rates or the applicable regime. We advise on the optimal position for each.

Yes. We prepare responses, compile documentation and represent taxpayers in scrutiny assessments, faceless proceedings and appeals.

Yes. Karthick Vijayakumar & Associates is a firm of Company Secretaries based in Chennai, Tamil Nadu, serving clients across India. We handle direct tax & income tax for businesses in Chennai, throughout Tamil Nadu, and pan-India — with filings done online with the MCA, ROC and other authorities, so your location is no barrier.

Taxes charged directly on the income or wealth of the person who pays them, mainly income tax on individuals, firms, LLPs and companies, with the liability not shifted to others.

The Income Tax Department under the Central Board of Direct Taxes, which handles returns, assessments, refunds, TDS and appeals.

The new regime offers lower slab rates with fewer deductions, while the old regime retains many exemptions and deductions. The better option depends on the individual’s income and investments.

Tax payable in instalments during the financial year, by those whose estimated liability crosses the prescribed limit, instead of paying it all at year-end.

Under the earlier law, income of the previous year was taxed in the following assessment year. The Income-tax Act, 2025 moves to a single tax-year concept, so the applicable terminology depends on the period.

Using lawful provisions such as deductions, exemptions, entity choice and timing to arrange affairs efficiently, which is different from evasion.

It depends on income level, profit distribution and growth plans. Companies, LLPs, firms and proprietorships are taxed differently, so a comparison with projected numbers is needed.

Profits as per the books are adjusted for disallowances, depreciation and other statutory adjustments to arrive at taxable business income.

A tax payable by certain companies whose normal tax is lower than a stated percentage of book profit, with credit available in later years subject to the rules.

Tax on profit from the transfer of capital assets such as shares, property and certain securities, with rates and holding periods depending on the asset class.

Eligible small businesses and professionals can declare income at a prescribed percentage of turnover or receipts and reduce the record-keeping burden.

Taxpayers whose turnover or receipts exceed the prescribed limits, or who opt out of presumptive schemes, may need to get their accounts audited and file the audit report.

Yes. We prepare responses, attend hearings and coordinate appeals before the authorities, with specialist advocates engaged where the matter requires.

Books, vouchers and returns should be retained for as long as the law requires, generally several years, and longer where a proceeding is pending.

The Income-tax Act, 2025 has replaced the 1961 Act from 1 April 2026, with transition rules for earlier years. We confirm the applicable law for each period before advising.