Tax is an integral part of any transaction or a financial activity. Direct taxes include taxes which are directly paid/ borne by the tax payer on its income, wealth etc to the Government of India. Most common category of Direct tax include Income Tax i.e. taxes on income earned. Every person whether its a company, a firm, an individual, a HUF or any other form of organisation needs to pay taxes on the income earned by it and which is taxable as per the provisions contained in Income Tax Act, 1961