
C h a p t e r
Chapter ObjeCtives
After studying this chapter, you should be able to:
1 Understand the international accounting system.
2 Discuss the salient features of AS 11.
3 Highlight the major provisions of income tax in India.
4 Understand the concept of double-taxation relief.
5 Know the salient features of DTAA.
16
The Indian Accounting and
Taxation System
Introduction
Accounting is a system of recording that helps the organization communicate its perfor-
mance or its activities to its stakeholders. It facilitates the preparation of financial statements
such as the profit and loss account, the balance sheet, and the cash flow statement ...