CA
6980 Points
Joined January 2010
Yes there is.
1) Tax audit is applicable for the financial year ended 31st March. Statutory audit can be for the accounting period as per decission of the Board of Directors as per section 210 of the Companies Act, 1956.
2) Accounting standars are applicable to both audits, however to arrive at the tax profit, the provisions of the IT Act to be applied wrt to depreciation, provisions, other allowable expenditure, disallowances etc.
3) There are certain other differences between these two.