Explanation of proviso to sec 44ab of income tax act

Originally posted by : BALWINDER SINGH
	As Per Sec 44AB of Income Tax Act,1956,Tax Audit is required to be conducted if the ceiling limit of Rs.100 lakhs or Rs.25 lakhs,as the case may be, is exceeded.But proviso to Sec 44AB,if  in a case where such person is required BY OR UNDER ANY OTHER LAW to get his accounts audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date.Can any body describe the meaning of ANY OTHER LAW?

Where an audit has already been conducted (eg, statutory audit of a company to whom tax audit is also applicable, audit of a co-operative society etc.) and the opinion of the auditor has been expressed on the accounts, it would not be necessary to repeat the entire exercise to express similar opinion all over again.
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It would only be necessary for the tax auditor to annex a copy of the audited accounts as well as a copy of the audit report given by the statutory auditor with his report in Form No. 3CA/3CB along with Form No.3CD.
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The extent of check undertaken would have to be indicated by the tax auditor in his working papers and audit notes.