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WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
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Answer Posted / 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).
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