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Statutory audit and tax audit ?

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Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 DEAR SIR,
PLZ EXPLAIN DIFFERENCE BITWEEN STATUTORY AUDIT AND TAX AUDIT OF PRIVATE LIMITED

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Guest (Expert)

29 February 2012 Statutory audit is governed by Companies Act 1956 & is compulsory for all companies. Tax audit is governed by Income tax act 1961 and applicable if certain conditions are satisfied.

CA. Hari Kishan

CA. Hari Kishan (Expert)
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29 February 2012 sec 211 specifies the form and content of BS and P&L account and sec 215 states that the same are to be authenticated.. its is mandatory for all the companies.. irrespective of having business or not..

sec 44AB specifies that TO/Income > 60lacs or professional recpt > 15 lakhs you shall require to get your books of account audited.

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