Auditing

Tax Audit Vs Statutory Audit :

Most people are not aware the distinction between a Tax Audit and a Statutory Audit. These are explained below in detail:

Stautory audit is audit of complete sets of books of accounts and financial statements prepared by the Management and employees of that organization, whereas , Tax Audit is auditing the matters related only to Tax and confirming that there is no concealment of income, non-payment of tax liability and due and timely payment has been made to Govt in that respect.

Statutory Audit is compulsory kind o audit with a few exceptions, whereas Tax audit is required only for those which fulfill the requirements specified under Income Tax Act.

What is a Tax Audit and Limit

Tax Audits are carried out under the Income Tax Act, 1961. It is basically the examination of your books of accounts and records to ensure that you are paying the appropriate taxes and also complying with the Income Tax Act.

Type of Tax Audit  Report

Form No. 3CA : For the person who carries on Business or Profession and who is required by or under any other law to get his accounts audited.

Form No. 3CB : For the person carrying on Business or Profession who are not required to get his account audited under any other law.

Form No. 3CD : The particulars of which are required to be furnished u/s. 44AB.

Tax Audit Limit For Business

Tax Audit Limit For Profession

Why Desai Associates

We provide auditing services in close co-ordination with Chartered Accountants so that client need not go to anywhere and their books are audited in details with ease.