Is tax audit to be conducted if statutory audit was conducted by a person other CA
Please clarify my doubt.
Statutory audit of one of the cooperative society was conducted by a person other than chartered accountant.
Under income tax act, it is specified that if books of accounts of assessee were audited under any other law, then assessee need not get his accounts audited u/s 44AB, he is only required to file tax audit report, signed by chartered accountant.
So, cooperative society is not getting its books of accounts audited u/s 44AB.
Has the assessee interpreted the section correctly? Is he correct in not getting the books of accounts audited from chartered accountant?
You are right in telling that if books of accounts of assessee were audited under any other law, then tax audit need not be conducted, and assessee is required only to file tax audit report. But, it is only when if statutory auditor was chartered accountant in practice, because as per Income tax act, tax audit can be conducted only by Chartered accountant in practice.
In this case statutory audit was conducted by a person other than chartered accountant in practice, So cooperative society is required to get its accounts audited under Income tax as well from Chartered accountant.