01 November 2010
Statutory audit Audit specified under a statute say companies Act.
Tax audit
If the Total sales, Gross receipts or Turnover exceed Rs 40 Lakh then under income tax Act Assessee is required to be audited as per Income tax act for checking whether the provisions of income tax Act has complied with
If you had did statutory audit then Tax audit is not necessary, you are reqired to furnish sucn information
CAclubindia
