Rashmitha
asked over 3 years ago
What is the difference between statutory audit and tax audit?
narahari
answered about 3 years ago
1.Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. 2.Books of accounts are audited under the Companies Act, 2013 (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).
CA Sandeep Bohra
answered over 3 years ago
Dear friend, Following are the different between statutory audit and tax audit:- 1.Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. 2.Books of accounts are audited under the Companies Act, 2013 (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).
