Can anyone tell me the difference between Tax Audit & Stautory Audit....Please....
12 Replies
Shyam Lal Naik
(Service)
(6156 Points)
Replied 23 June 2008
Audit conducted under companies act is known as statutory audit.
Audit conducted under Section 44AB of the Income Tax Act is known as Tax Audit.
adnan
(Article)
(241 Points)
Replied 22 July 2008
Audit conducted under companies act is known as statutory audit.
Audit conducted under Section 44AB of the Income Tax Act is known as Tax Audit.
CA.Madhavan
(Chartered Accountant)
(942 Points)
Replied 05 August 2008
The Statutory (external )audit deals mainly with the examination of the books and financial records of a client firm and reports to the shareholders.Appointed by stakeholders.Stautory Function.Appoinment under Companies ACt
u/s 44AB of Income Tax Persons earning more than Rs. 40 Lakhs, should maintain books of account for the same.
His accounts should be audited by a Chartered Accountant and certify that is called tax audit.Report to Income Tax department (3CA)and details in 3CD in specified format and Return in ITR1-8.This is under Income Tax Act.
gs kumar
(student)
(30 Points)
Replied 09 September 2011
Now The statutory limit is Increased to 60 lakhs,for other than profession , For the profession amount is Rs 15 Lakhs
piyush goplani
(CA)
(80 Points)
Replied 22 November 2012
Audit conducted in any STATUE is known as Statutory Audit, even tax audit is a Statutory Audit.
--- Tax audit is a kind of statutory audit which is done under the Income tax act.
Regards:
CA Piyush Goplani
9958544364
Nithin Chettoor
(Assistant Manager)
(388 Points)
Replied 28 November 2012
These both are colocially used for identifying or classifying different kinds of audits. Statutory audit is an audit conducted as per the requirement or madated under any statute. Tax Audit is one of a statutory audit, which is mandated under Income Tax Act, 1956. An audit conducted to meet the requirements of different laws will have different focus areas and the reporting is also different according the requirement of each law.
CA Vinod Saini
(Assistant Manager (F))
(54 Points)
Replied 15 July 2015
statuary audit of an entity is an audit which required by the act underwhich such entity is registered. For example-
a co registered under co act is required an audit by co act.
same for partnership firm under partnership act.
and
Tax audit of an entity is an audit which required by income tax act regardless of
where such entity is registered.
CA Puru Goyal
(CA DISA)
(150 Points)
Replied 07 August 2015
In General terms for a company :-
Statutory Audit : The audit which is compulsory because business entity is a company and there is requirement of compulsory audit of companies under companies act in india.
tax Audit: The audit which is done due to crossing of certain sales/ income / turnover or coming into scope of certain guidelines issues by income tax department.
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