OTHER FORMS OF AUDIT :

Tax Audit
In India, the Income Tax Act, 1961, Section 44AB provides for the compulsory audit of the accounts of certain income tax assessee whose turnover or receipts exceed the specified limits. The objective of such audit is to assist the tax authorities in making the correct income tax assessment of the assessee concerned. The tax auditor has to specifically report on certain transactions which have an effect on the income tax liability of the assessee concerned and are, thus important to the tax authorities. The income tax act 1961 also contains various other provisions whereby audit report is required to be submitted to get certain deductions, exemptions etc.

As per the income tax Act, every person carrying on business whose turnover or gross receipts exceeds Rs. 1,00,00,000 (Rs. 25,00,000 if carrying on profession) in the previous year shall get his accounts audited.