Difference between audit & tax audit
This query is : Resolved
01 November 2013
I am in confusion regarding meaning of audit & tax audit and what is difference between them. Please help in clearing my doubt I shall be really obliged to you.
CA UMESH DULAL
(Expert)
01 November 2013
tax audit means audit required by IT ACT
Ganeshbabu K
(Expert)
01 November 2013
company registered under companies act required to appoint statutory auditor every year and need to get their books audited and audit report is required to obtained from auditor for the financial year as per companies act
.
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however tax audit is mandatory if turnover is more than 1 crore,audit will conducted as per income tax act
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however tax audit is mandatory if turnover is more than 1 crore,audit will conducted as per income tax act
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