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Categories >> Accounting >> Audit
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1916)
 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
Question
WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
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 ?    53 Yes 18 No
H.r. Sreepada Bhagi
 
Answer
# 2
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 ?    16 Yes 7 No
Harsh Vardhan Pandey
 
 
 

 
 
 
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Can any body tell me what is the difference between Company act & income tax act depreciation chart, if any one have any chart or clarification about it, please mail me at vaish_shiwani87@rediffmail.com   5
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before appoinment, an auditor owes to a company more than rs.1000 and he clears his debt before appointment.he is due to company upto 30-06-06.he is give his report between 01- 04-06 to 31-03-07.what is the duty of the auditor while reporting on the transactios occured in his due period   1
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If my basic salary is Rs 15000/- Pf is deducted on capping of 6500/- ie 780/- per month. If I work for 20 days and then my basic salary comes to rs 10000/- which is still higher than minimum limit of Rs 6500/-.Please suggest PF deduction will be 780/- or lower based on 6500x20/30x12%   8
Can I alter Original Tax invoice(pharma) at warehouse in respect of Batch,nomuntilature,quantity,value etc.?   1
 
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