CHAPTER 16

The Indian Accounting and Taxation System

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.

Introduction

Accounting is a system of recording that helps the organization communicate its performance 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 meant for various stakeholders of the business. Accounting is rightly considered as the language of business. The ...

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