kautilya

Sufficient evidence exists to conclude that art and practice of accounting existed even in Vedic times. There are references to kraya (sale), Vanij (merchant), sulka (price) in Rigveda. Kautilya’s Arthashastra contains details on business of keeping up accounts in the office of accountants .It provides details of matters which should be recorded, registers to be maintained, system of examination of accounts and even details of punishments for default. Full Article

Income Tax Act is a comprehensive as well as a complex enactment of fiscal Statutes of the country. With the passage of time it has undergone various changes keeping in view the socio economic needs of the society and the broader objective of rationalization of the taxation structure. In the process one Act has been completely replaced by another Act. In this article without going into the niceties of the statue, let us in few lines embark upon and make an effort to look.. Full Article

References to budget can be found in Kautilya’s Arthashastra. It states that the Chancellor should first estimate revenue from each place and sphere of activity under different heads of accounts and then arrive at a grand total. The actual revenue is to be estimated by adding receipts into the treasury for current year and delayed payments received which were due in earlier year/s. Full Article