According to Section 44AB, Income tax act 1961 (As amended by finance act, 2017) accounts of persons carrying business/profession need to be audited. Every person carrying on: – Business Total sales/Turnover/Gross receipts exceeds INR 1 Crore in any previous year. Profession Gross receipts exceeds INR 50 lacs in any previous year. Business (Section 44AE Section […]
Tag: Management Audit
STATUTORY AUDIT OF FINANCIAL STATEMENTS OF COMPANY
The audit is an independent examination of the financial statements of an organization by an auditor. It is conducted to ensure that the financial statements represent a true and fair view of the financial position of the organization. Auditor presents the independent auditor’s report to the stakeholders of the company. There are various types of […]