Difference between tax audit and statutory audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2017
Dear Experts,
Pls clarify the difference between tax audit and statutory audit?
Regds
Amit kumar
Pls clarify the difference between tax audit and statutory audit?
Regds
Amit kumar
22 February 2017
A statutory audit is an audit, which is made mandatory by law for eg, A company is governed by Companies Act, a trust is governed by Trust Act, Bank by RBI Act, NBFC by RBI Act and Companies Act etc. So it the requirement of that particular act that the organization needs to get its accounts audited. A statutory audit is a compulsory audit.
Whereas threshold limit for tax audit for FY 2016-17 - turnover exceed Rs. 2 crore.for assessee's claiming presumptive taxation benefit under section (u/s) 44AD of the Income Tax Act 1961 (the Act).
Whereas threshold limit for tax audit for FY 2016-17 - turnover exceed Rs. 2 crore.for assessee's claiming presumptive taxation benefit under section (u/s) 44AD of the Income Tax Act 1961 (the Act).
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Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2017
Sir,
Thanks for your valuable input...
Pls tell me we are pvt. Ltd. Company engaged in mfg activities. So in this scenario is it mandatory to conduct statutory audit of pvt. Company. If so who will conduct it and what's its procedure.......
Thanks for your valuable input...
Pls tell me we are pvt. Ltd. Company engaged in mfg activities. So in this scenario is it mandatory to conduct statutory audit of pvt. Company. If so who will conduct it and what's its procedure.......
22 February 2017
Yes it is mandatory. to appoint statutory Auditor to conduct statutory audit. It is conducted by Practicing Chartered Accountant.
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