Follow Our FB Page << >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...

What is Tax Audit ? Please Explain.

What is Tax Audit ? Please Explain...

Answer / priyul

Under Income tax Act, 1961, If turnover crosses 60 lakhs of
business organization than it has to make its accounts
audited by Chartered Accountant. Thai is called Tax Audit.

Is This Answer Correct ?    3 Yes 1 No

Post New Answer

More Accounting General Interview Questions

How to set/ determine Credit limit of a customer in Manufacturing and Trading Business?

1 Answers   Infosys,

goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take setting charges of rs1000/ what will be the entry?

6 Answers  

When will the cash Book have a Credit Balance?

20 Answers   Accenture,

1. What do u mean by custom duty? 2. How can u prepare Salary Statement in Company? 3. how much amount will pay to a cotractor through T.D.S ?

1 Answers  

what is t code of journal voucher report with amount?

0 Answers  

what should by the journal entries for tds payble

5 Answers  

real account means

9 Answers   Infosys,

What do you mean by Debit and Credit?

5 Answers  

Time limit for payment of divident for listed limited companies & Unlisted public limited companies are? 30 or 45 or 60 or 90

0 Answers   UPSC,

How do I record a prior year property tax refund on sale of asset due to overvaluation

0 Answers  

what is the relation of accounting subject with other subjects like economics commerce and statistics?

1 Answers   TATA,

if we wrongly entered a payment as a receipt in cash book i.e 500000. then what is the difference in cash book and bank statement during the bank reconciliation.

1 Answers