Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 July 2013
what is difference between statutory audit & tax audit & what is turnover limit for each of them?
02 July 2013
1)statutory audit is an audit conducted as per companies act..
2)tax audit to be conducted as per income tax act..applicable if turnover exceeds 1 crore or in case of professional if gross receipts exceeds 25 lakhs
3)no turnover limit for statutory audit..once company is incorporated it need to appoint statutory audit every year and get its books audited every year...no turnover limit applicable to all companies
Thanks & regards
Ganesh babu k
2)tax audit to be conducted as per income tax act..applicable if turnover exceeds 1 crore or in case of professional if gross receipts exceeds 25 lakhs
3)no turnover limit for statutory audit..once company is incorporated it need to appoint statutory audit every year and get its books audited every year...no turnover limit applicable to all companies
Thanks & regards
Ganesh babu k
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