Accountancy
An overview of financial accounting principles
FINANCIAL decision-making involves taking into account a company's current state of affairs and financial position. Accounting records have an important role to play in this. Readers will be familiar with published statements of company accounts such as annual report, which give detailed information of a company's performance over the previous accounting period. Similarly, companies advertise in newspapers, the abstracts of their quarterly financial performance.

Taxation
The evolution of income-tax
INCOME taxation is one of the various ways of raising revenue for the Government. There is enough evidence to show that taxes on income were levied since ancient times. The great aims of human endeavour (the `purusharthas') have been classified as being dharma, artha, kama and moksha (moral behaviour, wealth, worldly pleasures and salvation). According to Kautilya's Arthashastra - an ancient treatise on the study of economics, the art of governance and foreign policy - artha has a much wide r significance than wealth. An important part of the Arthashastra is the `science of economics', which, inter alia, includes taxation, revenue collections, budget and accounts.

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