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Tax Audit Under Income Tax Act, 1961
AS per sec.44AB of Income Tax Act,1961, every person carrying on a business having a turnover/sales/gross receipts of more than Rs.1 crore in any financial year is required to get his accounts audited by a chartered Accountant.In case of a person carrying on a profession if his gross receipts exceed Rs.25 lacs is required to get his accounts audited by a CA.
Statutory Audit under Companies Act,2013
As per sec.139(1) of the Companies Act, 2013, Every company whether public or private shall appoint an auditor to get its books of accounts audited by him. Hence as per the company law every company whether public or private is compulsorily reuired to get ist accounts audited by a CA irrespective of its turnover/receipts.
Audit Under Delhi Value Added Tax Act, 2004
As per the notification issued by the commissioner DVAT, every dealer whose turnover is Rs.10 crore or above during the financial year 2011-2012 or any subsequent financial year shall get his accounts audited by a CA.