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.
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