Statutory Audit v/s Tax Audit

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Babita (Querist)
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01 November 2010 What are the difference between statutory audit and tax audit ???
Is tax audit can be done without statutory audit ?????

CA Navin Jain

CA Navin Jain (Expert)
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01 November 2010 its not possible

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Babita

Babita (Querist)
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01 November 2010 Thanks Navin Jain
but 1st question is still pending difference between statutory audit and tax audit???

CA Navin Jain

CA Navin Jain (Expert)
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01 November 2010 STATUTORY AUDIT IS REQURIED AS PER COMPANIES ACT.. IN THE VIEW OF TRUE AND FAIR PRESENTATION OF BOOKS OF ACCOUNTS

TAX AUDIT IS REQURIED AS PER INCOME TAX ACT.....IN THE VIEW OF NON TAX AVOIDNANCE

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CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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01 November 2010 Statutory audit
Audit specified under a statute say companies Act.

Tax audit

If the Total sales, Gross receipts or Turnover exceed Rs 40 Lakh then under income tax Act Assessee is required to be audited as per Income tax act for checking whether the provisions of income tax Act has complied with

If you had did statutory audit then Tax audit is not necessary, you are reqired to furnish sucn information

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