29 February 2012
DEAR SIR, PLZ EXPLAIN DIFFERENCE BITWEEN STATUTORY AUDIT AND TAX AUDIT OF PRIVATE LIMITED
Guest
Guest
(Expert)
29 February 2012
Statutory audit is governed by Companies Act 1956 & is compulsory for all companies. Tax audit is governed by Income tax act 1961 and applicable if certain conditions are satisfied.
29 February 2012
sec 211 specifies the form and content of BS and P&L account and sec 215 states that the same are to be authenticated.. its is mandatory for all the companies.. irrespective of having business or not..
sec 44AB specifies that TO/Income > 60lacs or professional recpt > 15 lakhs you shall require to get your books of account audited.
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