Dear All,
Wat is the difference between statutory audit & Tax Audit?
SONU LAKHANI
(B.COM,LL.B.,ACS,)
(54 Points)
Replied 24 August 2011
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Originally posted by : Darshak |
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Dear All, Wat is the difference between statutory audit & Tax Audit? |
Statutory Audit is conducted only for Company/NPA/TRUST Assessee whereas tax audit is complusory for assessee whose annual turnover exceeds Rs. 60 lacs / receipt exceeds Rs.15 lacs.
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CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 09 September 2011
There is no link of Statutory Audit and Tax Audit....
Statutory Audit is govern by companies Act,
Tax Audit is govern by income tax Act,
Tax Audit is compulsory when turnover is 60 lack or above.or receipts exceed 15 lack.
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