What is the diffrence b/w Tax Audit and Stat Audit?
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 12 December 2011
Tax audit is applicable only under the Income-Tax Act u/s 44AB, if the gross turnover in case of the business crosses the threshold or Rs 60lacs & in case of profession the gross receipts exceeds the threshold of Rs. 15lacs.
This audit is applicable to all persons like company, p’ship firm, individual, HUF subject to the above
Statutory audit refers to the audit which is required to be performed by law even if the above condition reqd under the IT act is not satisfied. For instance under the Companies Act, 1956 the companies are required to get their books audited from the Company Auditor of the company.
Statutory means compulsory audit required irrespective of any conditions.
If a company is liable to tax audit, then the there would be only one audit but the reports given under the two laws would be different.
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