Is tax audit compulsory for companies
(Guest)
Deepak Goel
(Partner)
(54 Points)
Replied 22 February 2010
No.........Tax audit is governed by the limits set out in 44AB. Not compulsory for anyone.
Regards
Deepak Goel
Amir
(Learner)
(4016 Points)
Replied 22 February 2010
Dear Priyesh jain,
Tax audit is not at all compulsory for companies......the turnover criteria would also apply in case of companies as well....
It's just that they r required to get their accounts audited under company law(irrerspective of their turnover) so there is a relaxation that no need to get a separate audit done for tax purposes, just a report in that format will do.........
But tax audit report is not requiered if their turnover stays within the limits.........
Ameet
(L)
(1678 Points)
Replied 22 February 2010
You can go through the Section 44AB for detail information.
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 22 February 2010
No,
But Statutory Audit is Compulsory
C.Balaji
(Learner)
(1867 Points)
Replied 22 February 2010
Dear Priyesh jain......
Please go through the sec 44 AB....
Tax audit is not at compulsory for all companies......it is based on the turnover......
If it exceeds the prescribed limit then tax audit is must.........
pankaj sharma
(CA )
(324 Points)
Replied 22 February 2010
not applicable for all companies.to check the limit go through sec 44AB
swapnil
(CA Final Student)
(63 Points)
Replied 23 February 2010
No. Tax Audit is not compulsory for companies. Tax Audit depends on turnover of company.
If the Turnover exceeds Rs. 40.00 Lacs then a company is compulsory liable to Tax Audit as per sec. 44AB.
CA Tilak Raj Sharma
(Practising CA in Solan (H.P.))
(6374 Points)
Replied 23 February 2010
Tax Audit for compulsory for every person who is covered by the provisions of section 44AB. There is no differentiation whether person is a company or partnership or proprietorship or any other person.
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