hi friends,
how is tax audit done?
why it is considered to be different from normal audits?
can u pls help me with some examples
thanx
3 Replies
CA Mohd Gouse
(Chartered Accountant)
(497 Points)
Replied 28 April 2009
Tax audit is an audit to find out the accurate tax payable
by the company as per the income tax 1961. And ensure that
all statutory payments are remitted on or before the
respective due dates by company.
Moreover, it helps to find out the difference between
Company's act and income tax act. The difference is called
deffered tax assets and liability of the company.
S.Anu
(Student)
(220 Points)
Replied 29 April 2009
that difference is what ? can u explain in detail ? please'
CA Mohd Gouse
(Chartered Accountant)
(497 Points)
Replied 01 May 2009
Tax Auditor does audit as per Income Tax Act 1962.
Whereas Statutory Auditor does audit as per Companies Act, 1962 and Statutory auditor is appointed under section 224 of Companies Act.
Few important Differences :
In Statutory Audit We prepare Fianancial Statements (i.e P & L ,B/S ,etc),While in Tax Audit we need to give tax audit report in form 3CA and particulars of statement in 3CD.in other word we need to fill up data in 3cd statements as reuquired in Income tax act.
Tax Audit is Done only When Gross turnover of the Said assesse is above 40 lac & in case of Professional limit is 10 lacs, however there is no such relaxation in statutory audit. in case of Company.
i hope this answers your question.
Recent Topics
- Cp chod doob zoom vo book book
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
- How to reverse wrong transaction payment in phonep
Related Threads
CAclubindia
