Audit

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ARPIT PATEL

ARPIT PATEL (Querist)
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03 October 2014 Plz Can somebody answer me that What is the diff between tax audit. And statutory audit???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 October 2014 Tax Audit is done as per the Provisions of the Income Tax Act 1961 whereas Statutory Audit is done as per the provisions of the Companies Act 2013 (earlier Companies Act 1956).
Tax Audit is mainly done for Tax related compliance but Statutory Audit is the Audit of Financial Statement of Companies. Statutory Audit is applicable only for Companies. Tax Audit is applicable as per the provisions of the income tax act both on company and non company assessee.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 October 2014 Statutory Audit means Audit required/ done under any statute but Audit under the Companies Act is commonly referred to as Statutory Audit.

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