Audit
This query is : Resolved
03 October 2014
Plz Can somebody answer me that What is the diff between tax audit. And statutory audit???
03 October 2014
Tax Audit is done as per the Provisions of the Income Tax Act 1961 whereas Statutory Audit is done as per the provisions of the Companies Act 2013 (earlier Companies Act 1956).
Tax Audit is mainly done for Tax related compliance but Statutory Audit is the Audit of Financial Statement of Companies. Statutory Audit is applicable only for Companies. Tax Audit is applicable as per the provisions of the income tax act both on company and non company assessee.
Tax Audit is mainly done for Tax related compliance but Statutory Audit is the Audit of Financial Statement of Companies. Statutory Audit is applicable only for Companies. Tax Audit is applicable as per the provisions of the income tax act both on company and non company assessee.
03 October 2014
Statutory Audit means Audit required/ done under any statute but Audit under the Companies Act is commonly referred to as Statutory Audit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR filing obligation due to savings deposit
- Treatment of Renting of Villa
- Issue with no residency during Jan, Feb, March 2025 due to diff. between US and India tax years.
- House keeping and security services ITC can claim
- DTAA India & UAE
- Tax payment deduction from house loan EMI
- NRI as second account holder of resident account
- WHAT TO SELECT IN 27Q TDS RETURN ? PAYMENT TO NON-RESIDENT
- To Keep Records
- Regarding DTVSV application
- Advice on How to calculate the peak balance needed for schedule FA in India for US checking account?
- TDS deduction.
- Leave taken during Extension period of Articleship
- Regarding TDS deduction before 15CA filing
- Reversal of Interest provision in case of MSME buyer
- ITC CLAIM ON CLEARING AND FORWARDING CHARGES IN CASE OF IMPORT
- Regarding 15CA.
- Others and immediately
- INVOICE VALIDATION IN GST
- GST refund claim on Purchase of Commercial Building
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
