Income Tax Consultant in Chennai

Many Chennai clients come to us after selling a flat or plot, where the choice between the 12.5% and the indexed 20% rate makes a real difference.

Which income-tax law applies in 2026?

From 1 April 2026 the Income-tax Act, 2025 and the Income-tax Rules, 2026 apply, and income is assessed by 'tax year'. Income of years ending on or before 31 March 2026, and assessments and appeals for those years, continue under the Income-tax Act, 1961.

How is capital gains tax worked out?

For transfers on or after 23 July 2024, long-term capital gains are taxed at 12.5% without indexation. For land or buildings bought before that date, resident individuals and HUFs can instead pay 20% with indexation if that is lower. On listed equity shares and equity mutual funds, long-term gains above ₹1.25 lakh a year are taxed at 12.5% and short-term gains at 20%. Reinvesting in a house or in specified bonds within the time limits can reduce the tax.

Who needs a tax audit?

A business needs a tax audit if its turnover exceeds ₹1 crore, or ₹10 crore where at least 95% of its receipts and payments are made through banking or digital channels. A profession needs one if gross receipts exceed ₹50 lakh. Businesses on the presumptive scheme that declare lower profits also need an audit.

How are notices and appeals handled?

Scrutiny, reassessment and penalty notices are issued and answered on the e-filing portal. Against an order, the first appeal lies to the Commissioner (Appeals) or Joint Commissioner (Appeals) within 30 days (section 358 of the Income-tax Act, 2025), and a further appeal lies to the Income Tax Appellate Tribunal within two months.

What Businesses in Different Parts of Chennai Need

Residential neighbourhoods

Salaried people here mostly come to us for capital gains on property or shares, notices on mismatches with the annual information statement, and choosing between the old and new tax regimes.

Village areas

Agricultural income is exempt, but it is added to other income to work out the tax rate on that other income. For families with farm land and a business, we keep the two streams documented separately.

Colleges and universities

Educational trusts and societies here keep their exemption only if registration is current and the audit report and return are filed on time. We track renewal dates along with the annual filings.

Factories and industrial estates

Manufacturers here usually need a tax audit, TDS compliance on contractors and job-workers, and depreciation worked out by block of assets. When the factory is sold or the business is restructured, we plan the capital gains in advance.

Markets and bazaars

Traders here often qualify for the presumptive scheme for business. If turnover or declared profit falls outside its limits, books and a tax audit are needed, which we prepare.

Hospitals and clinics

Doctors here usually have consultation receipts, hospital retainers and investment income in the same return. We reconcile the TDS in Form 26AS and the annual information statement with the books before filing.

Courts, collectorates and offices

Advocates, consultants and other professionals here can use the presumptive scheme for professions up to its limits; above them, books and a tax audit are needed. We work out which is better each year.

Airport and port areas

Businesses dealing with foreign parties here need the CA certificate for remittances abroad and a check of the withholding tax under the tax treaty before money leaves India.

Technology parks

Technology firms here often have foreign revenue and group transactions, so transfer-pricing documentation and foreign tax credits come up as often as the return itself.

Income Tax Consultant in Chennai, Area by Area

Why Choose V Viswanathan Associates

Frequently Asked Questions

What is the time limit for an appeal against an income-tax order?

Thirty days from service of the demand notice or the order, under section 358 of the Income-tax Act, 2025, before the Commissioner (Appeals) or Joint Commissioner (Appeals). Late appeals can be admitted if there was sufficient cause. For years governed by the 1961 Act, the appeal provisions of that Act apply.

I sold a property this year. Which capital gains rate applies?

If it was held long-term, 12.5% without indexation. If you are a resident individual or HUF and bought it before 23 July 2024, you can choose 20% with indexation if that gives lower tax. We compute both.

Do you provide income tax services across Chennai?

Yes, in all 119 areas listed on this page, working online with meetings at our Spencer Plaza, Anna Salai office or by video call.

Other Services in Chennai

Law stated as at 15 Oct 2026. Official sources: Income-tax Act, 2025 (Income Tax Department), Income-tax e-filing portal. Reviewed by CA V. Viswanathan, FCA, ACS, CFE, IBBI Registered Valuer (IBBI/RV/03/2019/12333).