Interested to Buy Any Domain ? << Click Here >> for more details...
WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
- 2 Answers
- 26700 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Audit under any statute in a Country(State) is called
statutory audit & Audit under any taxation law is called tax
audit. For example books of accounts are audited under the
Companies Act, 1956 (Statutory Audit) and Financial
Statements of companies are prepared as per the provisions
of this Act. Books are also audited under the Income Tax
Act, 1961 and the income arrived at as per the provisions of
this Act is taxed (Tax Audit).
| Is This Answer Correct ? | 62 Yes | 19 No |
Answer / harsh vardhan pandey
Audit under any statute is called statutory audit. companies act 1956 and income tax act 1961 both are statutes. hence tax audit is also a kind of statutory audit likewise the audit under companies act. but in practice generally we calls audit under income tax act 1961(section 44AB) as a tax audit...however it may also be called a STATUTORY AUDIT... Please carry on this coversation....
| Is This Answer Correct ? | 23 Yes | 10 No |
What sorts of accountant count as "qualified accountants" to be independent examiners for charities with income over ?100,000 or assets over ?1,000,000?
whether an independant auditor can increase his fees in properitory firm according to turnover.
what is the difference between capital and revenue expenditure
What is continuous audit?
full form of otc
Please send me rbi previous exam paper with ans for group B at aparna_majumder@ymail.com
What is the meaning of ADVANCE TAX, TDS Deducted and PREPAID Taxes ?
What are objectives of internal audit?
what is audit
Tell me about a time you led a team?
which of the following procedure would auditor lease likely perform in planning a financial statement audit?
I have received a sum of Rs.500 worth Bill from Vendor, which is relevent to 2004-05. But Outstanding Expenses not book during that Year? What is the Accounting Policies to book this expenses?
Audit 
