Tax audit & statutory audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 June 2012 Respected Experts,
If a CA has done statutory audit of a Pvt. Ltd. company under Companies Act, then is it necessary to conduct Audit again u/s. 44AB of Income Tax Act or Statutory audit report can be produced?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 June 2012 Audit has to be conducted u/s 44AB and audit report in form 3CA has to be issued in which reference of statutory audit report issued under the Companies Act,1956 has to be mentioned specifically.

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CA Mahesh Vekariya

CA Mahesh Vekariya (Expert)
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02 June 2012 Good morning Dear

I agree with Mr. B. Chackrpani .

But you have to keep in mind one thing ...

If company's turnover is less than limit specified u/s 44AB than Tax Audit should not be compulsory. Auditor shall conduct only statutory Audit and issue a report.

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Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2012 Thank you B. Chackrapani sir and Mahesh sir.

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