tax audit
This query is : Resolved
14 May 2011
what is tax audit & normal audit
14 May 2011
Tax Audit is done under Provisions of Income Tax Act, 1961.
Under section 44AB every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in business exceed sixty lakh rupees in the previous year. Similarly, a person carrying on a profession is required to get his accounts audited if the gross receipts in profession exceed fifteen lakh rupees in the previous year.
There is nothing as such as normal audit.
Statutory Audits are those mandated by a statute. So by that definition even tax audit is a statutory audit.
Statutory audit (under the Companies Act) include statutory financial audit and statutory cost audit. Statutory Financial audit is conducted by a Chartered Accountant and Statutory Cost Audit is conducted by a Cost Accountant. The statutory financial audit is compulsory for all companies where as Statutory cost audit is applicable only to certain industries on fulfilling certain criteria.
Similarly Tax Audit (Section 44 AB) under the Income Tax Act is done by a Chartered Accountant.
Under section 44AB every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in business exceed sixty lakh rupees in the previous year. Similarly, a person carrying on a profession is required to get his accounts audited if the gross receipts in profession exceed fifteen lakh rupees in the previous year.
There is nothing as such as normal audit.
Statutory Audits are those mandated by a statute. So by that definition even tax audit is a statutory audit.
Statutory audit (under the Companies Act) include statutory financial audit and statutory cost audit. Statutory Financial audit is conducted by a Chartered Accountant and Statutory Cost Audit is conducted by a Cost Accountant. The statutory financial audit is compulsory for all companies where as Statutory cost audit is applicable only to certain industries on fulfilling certain criteria.
Similarly Tax Audit (Section 44 AB) under the Income Tax Act is done by a Chartered Accountant.
14 May 2011
good reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
