Can anybody tell me the difference (in terms of Task to be performed and formalities to be followed) between Company audit and income tax audit, if u r having a check list for both these audit then please send me.
Murlee (Professional) (204 Points)
07 June 2008Can anybody tell me the difference (in terms of Task to be performed and formalities to be followed) between Company audit and income tax audit, if u r having a check list for both these audit then please send me.
faisal majid
(Assistant Manager)
(20 Points)
Replied 07 June 2008
hier r so many difference in the income tax audit and company audit:
1.in company audit auditars has to check out that all the records and papers are maintained according to companies act or not where as in income tax audit auditor has to check only income related part of records to reach on the correct computation of tax and further formalities.
2. company audit is primary activity in relation to IT audit where as IT audit is secondary audit in relation to company audit i.e, IT audit can only b done after completion of all records in company.
3.company audit begans in Sec224 of companies act 1956 where as IT audit has to be done according to IT act 1961 for those whose turnover is more than 40 lakhs.
4.company audit can b only done by companies those r registered under companies act 1956 where as IT audit has to done all assesees whose turnover/income over 40 lakhs.
GAGAN CHHETRI
(Student)
(23 Points)
Replied 11 September 2008
Cn Any body plz send me the Audit PCC notes On my Id gcp_love @ yahoo.co.in
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
