Chartered Accountant
497 Points
Joined March 2007
Tax Auditor does audit as per Income Tax Act 1962.
Whereas Statutory Auditor does audit as per Companies Act, 1962 and Statutory auditor is appointed under section 224 of Companies Act.
Few important Differences :
In Statutory Audit We prepare Fianancial Statements (i.e P & L ,B/S ,etc),While in Tax Audit we need to give tax audit report in form 3CA and particulars of statement in 3CD.in other word we need to fill up data in 3cd statements as reuquired in Income tax act.
Tax Audit is Done only When Gross turnover of the Said assesse is above 40 lac & in case of Professional limit is 10 lacs, however there is no such relaxation in statutory audit. in case of Company.
i hope this answers your question.