29 August 2011
Each audit is mandated by respective legislation such as 1. Company Audit in accordance with Companies Act 1956, VAT audit as per VAT Act, Tax Audit as per Income Tax Act, 2. Tax Audit is with respect to turnover i.e where business turnover exceeds 60 lacs in previous year. As per companies Act, every company registered under the companies Act is require to get its accounts audited. 3. The Audit report and due date of filing audit also varies in each audit.
Tax Audit is requirement of audit under Income Tax while other Audit are Specifically requirement of such other statue or if specifically asked by any of the legislative Department.
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