Is tax audit compulsory for companies

 No.........Tax audit is governed by the limits set out in 44AB. Not compulsory for anyone.

Regards

Deepak Goel

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.........

You can go through the Section 44AB for detail information.

No,

But Statutory Audit is Compulsory

go through the Section 44AB

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.........

not applicable for all companies.to check the limit go through sec 44AB

Thank You All. I thing Statutory Audit for Companies is under the Companies Act and not under Income Tax Act. But in any case if income tax audit is done than FORM 3CA is to be prepared along with Form 3CD.

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.

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.