Other than company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2014 whether other than company only tax audit is required and for companies tax audit and statuory audit is also mandatory,

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
Follow

27 August 2014 Dear Friend,

For companies only 'statutory audit' is mandatory.

While tax audit is applicable only if gross receipts of the profession exceeds Rs.25 lacs or turn over of business exceeds Rs.1 crore. This limit of tax audit is same for all assessees (i.e. for company and other than company)