Tax Audit Who Should do it

This query is : Resolved

indira (Querist)
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05 December 2008 Dear all,

When is it mandatory for a private limited company to get tax audit done? and who can do it. Is is necessary that a CA should do it?

CA Parvin Ahuja

CA Parvin Ahuja (Expert)
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05 December 2008 Whenever gross turnover of an assessee, engaged in business,exceeds Rupees Forty Lacs, audit under section 44AB of The Income Tax Act is mandatory irrespective of constitution of the assessee.And the same can be conducted only by a chartered accountant.

CA Pawan Goswami

CA Pawan Goswami (Expert)
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05 December 2008 When turnover of company exceeds Rs. 40 Lakhs in case of Business or Recipts exceed Rs. 10 Lakhs in case of profession , then it is neccessary to get its accounts audited as per Section 44AB of Income Tax Act.
Tax audit u/s 44AB of Income Tax Act can be done only by a Chartered Accountant.