B.Com. (Accountancy) Semester 5 Notes 2026

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1. Direct and Indirect Taxation - I

   Official Notes munotes.in

   Direct and Indirect Taxation - I

   B.COM. (ACCOUNTANCY) · SEMESTER 5

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, and written on the Income-tax Act, 2025 as amended by the Finance Act, 2026

   For TYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in TY BCom Accountancy

   Direct and Indirect Taxation - I

   Copyright © 2026 munotes.in. All rights reserved.

   Written and first published by munotes.in, 2026.

   This book is for individual students to read at munotes.in. No part of it may be reproduced, distributed, stored, translated or used for institutional or classroom purposes in any form without a prior written licence from munotes.in.

   Licensing and permissions: contact@munotes.in

   The text of statutes and of judgments reproduced in this book is in the public domain under section 52(1)(q) of the Copyright Act 1957. The commentary, arrangement, examples and questions are the original work of munotes.in.

   munotes.in is an independent study resource for MU students. It is not affiliated with, endorsed by, or officially connected to the University of Mumbai. Course names and university references describe the students and syllabus the material relates to.

   Contents

   Module I Basic Concepts and Salaries

   1. Why There Is a New Income-tax Act, and What Changed 1
   2. How the Act Is Arranged, and How to Find a Provision in It 4
   3. The Tax Year, Which Replaced the Previous Year and the Assessment Year 6
   4. Assessee, Person, Income and Total Income 8
   5. The Charge of Income-tax 11
   6. Scope of Total Income: What Residence Decides 14
   7. Residence of an Individual: the Day Counts 17
   8. Residence of a HUF, a Firm and a Company 21
   9. Residential Status and Incidence, Worked End to End 24
   10. Income Deemed to Be Received, and Dividend Deemed to Be Income 27
   11. Income Deemed to Accrue or Arise in India 30
   12. The Five Heads of Income 33
   13. A Married Couple under the Portuguese Civil Code 36
   14. A Capital Asset Received from a Specified Entity 38
   15. Incomes Not Included in Total Income: Schedules I to VIII 40
   16. Expenditure Relating to Income That Is Exempt 44
   17. Salaries: What Is Charged, and When 47
   18. Income from Salary: What Goes into the Computation 50
   19. Perquisites, and How Each Is Valued 53

   Contents continued

   Module I continued Basic Concepts and Salaries

   1. Profits in Lieu of Salary 58
   2. Deductions from Salaries 61
   3. A Complete Salary Computation, Worked 65
   4. Practice Questions: Basic Concepts and Salaries 68

   Module II Income from House Property and Capital Gains

   1. Income from House Property: What Is Charged 71
   2. Determination of Annual Value 74
   3. Arrears of Rent and Unrealised Rent Received Later 78
   4. Deductions from Income from House Property 80
   5. Property Owned by Co-owners, and the Head's Own Definitions 83
   6. A Complete House Property Computation, Worked 86
   7. Capital Gains: the Charge, and the Year of Taxability 88
   8. What Is a Capital Asset, and What Is a Transfer 91
   9. Transactions Not Regarded as Transfer 95
   10. Withdrawal of Exemption in Certain Cases 98
   11. Mode of Computation of Capital Gains 101
   12. Cost Where the Asset Was Not Bought 104
   13. Capital Gains on Depreciable Assets 107
   14. When the Act Substitutes the Consideration 110

   Contents continued

   Module II continued Income from House Property and Capital Gains

   1. Slump Sale, and Market Linked Debentures 113
   2. Advance Money Received and Forfeited 115
   3. Profit on Sale of Property Used for Residence 117
   4. Agricultural Land, and Compulsory Acquisition 120
   5. Exemption by Investing the Gain 123
   6. Shifting of an Industrial Undertaking 126
   7. Extension of Time, and the Capital Gains Account Scheme 128
   8. Adjusted, Cost of Improvement and Cost of Acquisition 130
   9. Reference to a Valuation Officer 133
   10. Distribution on Liquidation, and Buy-back of Shares 135
   11. A Complete Capital Gains Computation, Worked 138
   12. Practice Questions: House Property and Capital Gains 140

   Module III Profits and Gains of Business or Profession and Income from Other Sources

   1. Profits and Gains of Business or Profession: What Is Charged 143
   2. The Manner of Computing Business Profits 145
   3. Rent, Rates, Taxes, Repairs and Insurance 148
   4. Deductions Related to Employee Welfare 150
   5. Deduction on Certain Premium 152
   6. Bad Debts, and the Provision for Bad and Doubtful Debts 154

   Contents continued

   Module III continued Profits and Gains of Business or Profession and Income from Other Sources

   1. Other Deductions 156
   2. Depreciation, and the Block of Assets 158
   3. Actual Cost, and Written Down Value 161
   4. Special Provision for the Cost of Certain Assets 164
   5. The General Conditions for an Allowable Deduction 166
   6. Amounts Not Deductible in Certain Circumstances 168
   7. Expenses or Payments Not Deductible 170
   8. Deductions Allowed Only on Actual Payment 172
   9. Certain Sums Deemed to Be Profits 174
   10. The Head's Own Definitions 177
   11. A Complete Business Computation, Worked 179
   12. Income from Other Sources: the Residual Head 181
   13. Gifts, and Receipts Without Consideration 184
   14. Deductions, and Amounts Not Deductible, under Other Sources 188
   15. Profits Chargeable to Tax under Other Sources 192
   16. Practice Questions: Business Profits and Other Sources 194

   Module IV Deductions, Rebates, Reliefs and Total Income Computation

   1. Deductions to Be Made in Computing Total Income 197
   2. Life Insurance Premia, Deferred Annuity and Provident Fund 199

   Contents continued

   Module IV continued Deductions, Rebates, Reliefs and Total Income Computation

   1. Contributions to a Pension Scheme, and to the Agnipath Scheme 201
   2. Health Insurance Premia 204
   3. A Dependant with Disability, and Medical Treatment 207
   4. Interest on a Loan for Higher Education 209
   5. Interest on a Loan for a Residential House 211
   6. Interest on a Loan to Buy an Electric Vehicle 214
   7. Donations to Funds and Charitable Institutions 216
   8. Deduction in Respect of Rents Paid 219
   9. Interest on Deposits, and an Assessee with a Disability 221
   10. Rebate: the Two Kinds, and Which One Applies 223
   11. Relief Where Salary Is Paid in Arrears or in Advance 226
   12. Relief for a Retirement Benefit Account Held Abroad 229
   13. The New Tax Regime for Individuals and Hindu Undivided Families 231
   14. Total Income and Tax Liability, Worked End to End 234
   15. Practice Questions: Deductions, Rebates and Total Income 237

   Page 1 onwards

   239 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 239 pages.

   Every chapter in the notes: 88 chapters across 4 modules

   Module I Basic Concepts and Salaries 23 chapters

   1. 1 Why There Is a New Income-tax Act, and What Changed pages 1 to 3
   2. 2 How the Act Is Arranged, and How to Find a Provision in It pages 4 to 5
   3. 3 The Tax Year, Which Replaced the Previous Year and the Assessment Year pages 6 to 7
   4. 4 Assessee, Person, Income and Total Income pages 8 to 10
   5. 5 The Charge of Income-tax pages 11 to 13
   6. 6 Scope of Total Income: What Residence Decides pages 14 to 16
   7. 7 Residence of an Individual: the Day Counts pages 17 to 20
   8. 8 Residence of a HUF, a Firm and a Company pages 21 to 23
   9. 9 Residential Status and Incidence, Worked End to End pages 24 to 26
   10. 10 Income Deemed to Be Received, and Dividend Deemed to Be Income pages 27 to 29
   11. 11 Income Deemed to Accrue or Arise in India pages 30 to 32
   12. 12 The Five Heads of Income pages 33 to 35
   13. 13 A Married Couple under the Portuguese Civil Code pages 36 to 37
   14. 14 A Capital Asset Received from a Specified Entity pages 38 to 39
   15. 15 Incomes Not Included in Total Income: Schedules I to VIII pages 40 to 43
   16. 16 Expenditure Relating to Income That Is Exempt pages 44 to 46
   17. 17 Salaries: What Is Charged, and When pages 47 to 49
   18. 18 Income from Salary: What Goes into the Computation pages 50 to 52
   19. 19 Perquisites, and How Each Is Valued pages 53 to 57
   20. 20 Profits in Lieu of Salary pages 58 to 60
   21. 21 Deductions from Salaries pages 61 to 64
   22. 22 A Complete Salary Computation, Worked pages 65 to 67
   23. 23 Practice Questions: Basic Concepts and Salaries pages 68 to 70

   Module II Income from House Property and Capital Gains 26 chapters

   1. 24 Income from House Property: What Is Charged pages 71 to 73
   2. 25 Determination of Annual Value pages 74 to 77
   3. 26 Arrears of Rent and Unrealised Rent Received Later pages 78 to 79
   4. 27 Deductions from Income from House Property pages 80 to 82
   5. 28 Property Owned by Co-owners, and the Head's Own Definitions pages 83 to 85
   6. 29 A Complete House Property Computation, Worked pages 86 to 87
   7. 30 Capital Gains: the Charge, and the Year of Taxability pages 88 to 90
   8. 31 What Is a Capital Asset, and What Is a Transfer pages 91 to 94
   9. 32 Transactions Not Regarded as Transfer pages 95 to 97
   10. 33 Withdrawal of Exemption in Certain Cases pages 98 to 100
   11. 34 Mode of Computation of Capital Gains pages 101 to 103
   12. 35 Cost Where the Asset Was Not Bought pages 104 to 106
   13. 36 Capital Gains on Depreciable Assets pages 107 to 109
   14. 37 When the Act Substitutes the Consideration pages 110 to 112
   15. 38 Slump Sale, and Market Linked Debentures pages 113 to 114
   16. 39 Advance Money Received and Forfeited pages 115 to 116
   17. 40 Profit on Sale of Property Used for Residence pages 117 to 119
   18. 41 Agricultural Land, and Compulsory Acquisition pages 120 to 122
   19. 42 Exemption by Investing the Gain pages 123 to 125
   20. 43 Shifting of an Industrial Undertaking pages 126 to 127
   21. 44 Extension of Time, and the Capital Gains Account Scheme pages 128 to 129
   22. 45 Adjusted, Cost of Improvement and Cost of Acquisition pages 130 to 132
   23. 46 Reference to a Valuation Officer pages 133 to 134
   24. 47 Distribution on Liquidation, and Buy-back of Shares pages 135 to 137
   25. 48 A Complete Capital Gains Computation, Worked pages 138 to 139
   26. 49 Practice Questions: House Property and Capital Gains pages 140 to 142

   Module III Profits and Gains of Business or Profession and Income from Other Sources 22 chapters

   1. 50 Profits and Gains of Business or Profession: What Is Charged pages 143 to 144
   2. 51 The Manner of Computing Business Profits pages 145 to 147
   3. 52 Rent, Rates, Taxes, Repairs and Insurance pages 148 to 149
   4. 53 Deductions Related to Employee Welfare pages 150 to 151
   5. 54 Deduction on Certain Premium pages 152 to 153
   6. 55 Bad Debts, and the Provision for Bad and Doubtful Debts pages 154 to 155
   7. 56 Other Deductions pages 156 to 157
   8. 57 Depreciation, and the Block of Assets pages 158 to 160
   9. 58 Actual Cost, and Written Down Value pages 161 to 163
   10. 59 Special Provision for the Cost of Certain Assets pages 164 to 165
   11. 60 The General Conditions for an Allowable Deduction pages 166 to 167
   12. 61 Amounts Not Deductible in Certain Circumstances pages 168 to 169
   13. 62 Expenses or Payments Not Deductible pages 170 to 171
   14. 63 Deductions Allowed Only on Actual Payment pages 172 to 173
   15. 64 Certain Sums Deemed to Be Profits pages 174 to 176
   16. 65 The Head's Own Definitions pages 177 to 178
   17. 66 A Complete Business Computation, Worked pages 179 to 180
   18. 67 Income from Other Sources: the Residual Head pages 181 to 183
   19. 68 Gifts, and Receipts Without Consideration pages 184 to 187
   20. 69 Deductions, and Amounts Not Deductible, under Other Sources pages 188 to 191
   21. 70 Profits Chargeable to Tax under Other Sources pages 192 to 193
   22. 71 Practice Questions: Business Profits and Other Sources pages 194 to 196

   Module IV Deductions, Rebates, Reliefs and Total Income Computation 17 chapters

   1. 72 Deductions to Be Made in Computing Total Income pages 197 to 198
   2. 73 Life Insurance Premia, Deferred Annuity and Provident Fund pages 199 to 200
   3. 74 Contributions to a Pension Scheme, and to the Agnipath Scheme pages 201 to 203
   4. 75 Health Insurance Premia pages 204 to 206
   5. 76 A Dependant with Disability, and Medical Treatment pages 207 to 208
   6. 77 Interest on a Loan for Higher Education pages 209 to 210
   7. 78 Interest on a Loan for a Residential House pages 211 to 213
   8. 79 Interest on a Loan to Buy an Electric Vehicle pages 214 to 215
   9. 80 Donations to Funds and Charitable Institutions pages 216 to 218
   10. 81 Deduction in Respect of Rents Paid pages 219 to 220
   11. 82 Interest on Deposits, and an Assessee with a Disability pages 221 to 222
   12. 83 Rebate: the Two Kinds, and Which One Applies pages 223 to 225
   13. 84 Relief Where Salary Is Paid in Arrears or in Advance pages 226 to 228
   14. 85 Relief for a Retirement Benefit Account Held Abroad pages 229 to 230
   15. 86 The New Tax Regime for Individuals and Hindu Undivided Families pages 231 to 233
   16. 87 Total Income and Tax Liability, Worked End to End pages 234 to 236
   17. 88 Practice Questions: Deductions, Rebates and Total Income pages 237 to 239

2. Accounting and Auditing Financial Accounting - III - 4 Credit

   Official Notes munotes.in

   Accounting and Auditing Financial Accounting - III - 4 Credit

   B.COM. (ACCOUNTANCY) · SEMESTER 5

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, in force from the academic year 2026-27

   For TYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in TY BCom Accountancy

   Accounting and Auditing Financial Accounting - III - 4 Credit

   Copyright © 2026 munotes.in. All rights reserved.

   Written and first published by munotes.in, 2026.

   This book is for individual students to read at munotes.in. No part of it may be reproduced, distributed, stored, translated or used for institutional or classroom purposes in any form without a prior written licence from munotes.in.

   Licensing and permissions: contact@munotes.in

   The text of statutes and of judgments reproduced in this book is in the public domain under section 52(1)(q) of the Copyright Act 1957. The commentary, arrangement, examples and questions are the original work of munotes.in.

   munotes.in is an independent study resource for MU students. It is not affiliated with, endorsed by, or officially connected to the University of Mumbai. Course names and university references describe the students and syllabus the material relates to.

   Contents

   Module I Internal Reconstruction

   1. What a Reconstruction Is, and Why a Company Needs One 1
   2. Internal and External Reconstruction: the Distinction That Decides Everything 4
   3. Where These Powers Live in the Companies Act 2013 6
   4. Alteration of Share Capital: Section 61 9
   5. Sub-division of Shares, Worked 12
   6. Consolidation of Shares, Worked 14
   7. Conversion of Shares into Stock and Back 16
   8. Cancellation of Unissued Capital 18
   9. Notice to the Registrar: Section 64 20
   10. Variation of Shareholders' Rights 22
   11. Reduction of Share Capital: Section 66 25
   12. Reading a Reconstruction Question: Finding the Scheme in the Prose 28
   13. Surrender of Shares, Re-issue and Cancellation 30
   14. The Capital Reduction Account: Opening It, Using It, Closing It 32
   15. The Full Set of Entries for a Scheme of Internal Reconstruction 35
   16. A Complete Worked Scheme: Old Balance Sheet to New 37
   17. Practice Questions: Internal Reconstruction 43

   Contents continued

   Module II AS-14 - Amalgamation, Absorption & External Reconstruction (excluding intercompany holdings)

   1. Why Amalgamation Needs a Standard 46
   2. The Scope of AS 14, and What It Excludes 48
   3. The Definitions AS 14 Sets 50
   4. Amalgamation in the Nature of Merger: the Five Conditions 52
   5. Amalgamation in the Nature of Purchase 55
   6. Transferor and Transferee: Reading the Question Correctly 57
   7. Purchase Consideration: What AS 14 Actually Means By It 59
   8. Computing Purchase Consideration: Net Assets Method, Worked 62
   9. Computing Purchase Consideration: Net Payments Method, Worked 64
   10. The Pooling of Interests Method: Principles 66
   11. Pooling of Interests, Worked 68
   12. The Purchase Method: Principles 70
   13. The Purchase Method, Worked in the Transferee's Books 72
   14. Treatment of Reserves, and the Amalgamation Adjustment Account 75
   15. Goodwill Arising on Amalgamation and Its Amortisation 78
   16. Disclosure under AS 14, and Amalgamation after the Balance Sheet Date 80
   17. Practice Questions: Amalgamation under AS 14 83

   Contents continued

   Module III Investment Accounting (w.r.t. Accounting Standard- 13)

   1. What an Investment Is, and Why It Is Accounted For Separately 86
   2. The Scope of AS 13, and What It Does Not Deal With 88
   3. The Definitions AS 13 Sets 90
   4. Forms of Investments 92
   5. Classification: Current and Long-term 94
   6. The Cost of an Investment 96
   7. Acquisition by Issue of Shares or in Exchange, Worked 98
   8. Interest, Dividends and Rentals: Pre- and Post-acquisition 100
   9. Right Shares and Their Cost 103
   10. Carrying Amount: Current Investments 106
   11. Carrying Amount: Long-term Investments 108
   12. Investment Properties 111
   13. The Investment Account, Worked 113
   14. Disposal of Investments 117
   15. Reclassification of Investments 119
   16. Disclosure Requirements under AS 13 121
   17. Practice Questions: Investment Accounting 124

   Contents continued

   Module IV Buy Back of Shares

   1. What Buy-Back Is, and Why a Company Does It 127
   2. The General Prohibition: Section 67 129
   3. The Power to Buy Back: Section 68 131
   4. The Three Permitted Sources, and What They Are Not 133
   5. The Conditions in Section 68(2) 135
   6. The Two Twenty-Five Per Cent Limits, Worked 138
   7. The Debt-Equity Ratio Condition, Worked 140
   8. Finding the Maximum Number of Shares That May Be Bought Back 142
   9. Procedure and Time Limits under Section 68 144
   10. Transfer to the Capital Redemption Reserve: Section 69 147
   11. Prohibition for Buy-Back in Certain Circumstances: Section 70 150
   12. The Accounting Entries for a Buy-Back 153
   13. Buy-Back at a Premium, Worked 155
   14. Buy-Back Out of the Proceeds of a Fresh Issue, Worked 157
   15. Cancellation of Shares Bought Back 159
   16. A Complete Worked Buy-Back: Tests, Entries and the New Balance Sheet 161
   17. Practice Questions: Buy Back of Shares 164

   Page 1 onwards

   165 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 165 pages.

   Every chapter in the notes: 68 chapters across 4 modules

   Module I Internal Reconstruction 17 chapters

   1. 1 What a Reconstruction Is, and Why a Company Needs One pages 1 to 3
   2. 2 Internal and External Reconstruction: the Distinction That Decides Everything pages 4 to 5
   3. 3 Where These Powers Live in the Companies Act 2013 pages 6 to 8
   4. 4 Alteration of Share Capital: Section 61 pages 9 to 11
   5. 5 Sub-division of Shares, Worked pages 12 to 13
   6. 6 Consolidation of Shares, Worked pages 14 to 15
   7. 7 Conversion of Shares into Stock and Back pages 16 to 17
   8. 8 Cancellation of Unissued Capital pages 18 to 19
   9. 9 Notice to the Registrar: Section 64 pages 20 to 21
   10. 10 Variation of Shareholders' Rights pages 22 to 24
   11. 11 Reduction of Share Capital: Section 66 pages 25 to 27
   12. 12 Reading a Reconstruction Question: Finding the Scheme in the Prose pages 28 to 29
   13. 13 Surrender of Shares, Re-issue and Cancellation pages 30 to 31
   14. 14 The Capital Reduction Account: Opening It, Using It, Closing It pages 32 to 34
   15. 15 The Full Set of Entries for a Scheme of Internal Reconstruction pages 35 to 36
   16. 16 A Complete Worked Scheme: Old Balance Sheet to New pages 37 to 42
   17. 17 Practice Questions: Internal Reconstruction pages 43 to 45

   Module II AS 14 - Amalgamation, Absorption and External Reconstruction 17 chapters

   1. 18 Why Amalgamation Needs a Standard pages 46 to 47
   2. 19 The Scope of AS 14, and What It Excludes pages 48 to 49
   3. 20 The Definitions AS 14 Sets pages 50 to 51
   4. 21 Amalgamation in the Nature of Merger: the Five Conditions pages 52 to 54
   5. 22 Amalgamation in the Nature of Purchase pages 55 to 56
   6. 23 Transferor and Transferee: Reading the Question Correctly pages 57 to 58
   7. 24 Purchase Consideration: What AS 14 Actually Means By It pages 59 to 61
   8. 25 Computing Purchase Consideration: Net Assets Method, Worked pages 62 to 63
   9. 26 Computing Purchase Consideration: Net Payments Method, Worked pages 64 to 65
   10. 27 The Pooling of Interests Method: Principles pages 66 to 67
   11. 28 Pooling of Interests, Worked pages 68 to 69
   12. 29 The Purchase Method: Principles pages 70 to 71
   13. 30 The Purchase Method, Worked in the Transferee's Books pages 72 to 74
   14. 31 Treatment of Reserves, and the Amalgamation Adjustment Account pages 75 to 77
   15. 32 Goodwill Arising on Amalgamation and Its Amortisation pages 78 to 79
   16. 33 Disclosure under AS 14, and Amalgamation after the Balance Sheet Date pages 80 to 82
   17. 34 Practice Questions: Amalgamation under AS 14 pages 83 to 85

   Module III Investment Accounting (AS 13) 17 chapters

   1. 35 What an Investment Is, and Why It Is Accounted For Separately pages 86 to 87
   2. 36 The Scope of AS 13, and What It Does Not Deal With pages 88 to 89
   3. 37 The Definitions AS 13 Sets pages 90 to 91
   4. 38 Forms of Investments pages 92 to 93
   5. 39 Classification: Current and Long-term pages 94 to 95
   6. 40 The Cost of an Investment pages 96 to 97
   7. 41 Acquisition by Issue of Shares or in Exchange, Worked pages 98 to 99
   8. 42 Interest, Dividends and Rentals: Pre- and Post-acquisition pages 100 to 102
   9. 43 Right Shares and Their Cost pages 103 to 105
   10. 44 Carrying Amount: Current Investments pages 106 to 107
   11. 45 Carrying Amount: Long-term Investments pages 108 to 110
   12. 46 Investment Properties pages 111 to 112
   13. 47 The Investment Account, Worked pages 113 to 116
   14. 48 Disposal of Investments pages 117 to 118
   15. 49 Reclassification of Investments pages 119 to 120
   16. 50 Disclosure Requirements under AS 13 pages 121 to 123
   17. 51 Practice Questions: Investment Accounting pages 124 to 126

   Module IV Buy Back of Shares 17 chapters

   1. 52 What Buy-Back Is, and Why a Company Does It pages 127 to 128
   2. 53 The General Prohibition: Section 67 pages 129 to 130
   3. 54 The Power to Buy Back: Section 68 pages 131 to 132
   4. 55 The Three Permitted Sources, and What They Are Not pages 133 to 134
   5. 56 The Conditions in Section 68(2) pages 135 to 137
   6. 57 The Two Twenty-Five Per Cent Limits, Worked pages 138 to 139
   7. 58 The Debt-Equity Ratio Condition, Worked pages 140 to 141
   8. 59 Finding the Maximum Number of Shares That May Be Bought Back pages 142 to 143
   9. 60 Procedure and Time Limits under Section 68 pages 144 to 146
   10. 61 Transfer to the Capital Redemption Reserve: Section 69 pages 147 to 149
   11. 62 Prohibition for Buy-Back in Certain Circumstances: Section 70 pages 150 to 152
   12. 63 The Accounting Entries for a Buy-Back pages 153 to 154
   13. 64 Buy-Back at a Premium, Worked pages 155 to 156
   14. 65 Buy-Back Out of the Proceeds of a Fresh Issue, Worked pages 157 to 158
   15. 66 Cancellation of Shares Bought Back pages 159 to 160
   16. 67 A Complete Worked Buy-Back: Tests, Entries and the New Balance Sheet pages 161 to 163
   17. 68 Practice Questions: Buy Back of Shares pages 164 to 165

3. IKS in Accounting and Taxation

   Official Notes munotes.in

   IKS in Accounting and Taxation

   B.COM. (ACCOUNTANCY) · SEMESTER 5

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, read against the Arthashastra, the Manu Smriti, the epics and the Ain-i-Akbari in their public-domain translations

   For TYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in TY BCom Accountancy

   IKS in Accounting and Taxation

   Copyright © 2026 munotes.in. All rights reserved.

   Written and first published by munotes.in, 2026.

   This book is for individual students to read at munotes.in. No part of it may be reproduced, distributed, stored, translated or used for institutional or classroom purposes in any form without a prior written licence from munotes.in.

   Licensing and permissions: contact@munotes.in

   The text of statutes and of judgments reproduced in this book is in the public domain under section 52(1)(q) of the Copyright Act 1957. The commentary, arrangement, examples and questions are the original work of munotes.in.

   munotes.in is an independent study resource for MU students. It is not affiliated with, endorsed by, or officially connected to the University of Mumbai. Course names and university references describe the students and syllabus the material relates to.

   Contents

   Module I Public Financial Administration and Ethical Governance: Insights from Kautilya’s Arthashastra

   1. Why a Commerce Student Reads Kautilya 1
   2. The Arthashastra, and the Text We Are Reading 4
   3. Principles of Public Expenditure 7
   4. Budget Preparation and Control Mechanisms 10
   5. Salary Administration 13
   6. Storehouses, and the Acquisition of Valuables 17
   7. Annual Accountability Reports, and the Closing of the Books 21
   8. The Royal Auditors and the Office of Accounts 25
   9. Audit Procedure: Sealed Accounts, Collusion, and the Full Moon of Asadha 29
   10. Internal Controls Against Fraud and Misuse 32
   11. Codified Rules, and Structure Against Conflicts of Interest 37
   12. Ethics in Accounting, Corruption, and Law and Order 41
   13. Kautilya in Modern Accounting and Governance 45
   14. Practice Questions: Public Financial Administration and Ethics 48

   Module II Taxation Systems in Ancient India

   1. Taxation as Rajadharma and Lokasangraha 53
   2. Ethical Limits on Taxation, and the Protection of Taxpayers 57
   3. Equity, Certainty, Convenience and Economy in Indian Thought 61

   Contents continued

   Module II continued Taxation Systems in Ancient India

   1. Accountability of the Ruler and of Revenue Officials 66
   2. Tax Incidence in a Traditional Economy 70
   3. Taxation in the Ramayana and the Mahabharata 74
   4. Manu Smriti on Taxation 77
   5. The Arthashastra's Revenue Framework 81
   6. The Mauryan Revenue System 85
   7. The Gupta Revenue System 89
   8. Chola and Vijayanagar Fiscal Practice 93
   9. The Sultanate: Iqta, Agricultural Taxation and Market Control 97
   10. Mughal Revenue Administration: Todar Mal, Zabt, and the Balance 101
   11. How a Caselet Is Answered 105
   12. Practice Questions: Taxation Systems in Ancient India 109

   Page 1 onwards

   113 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 113 pages.

   Every chapter in the notes: 29 chapters across 2 modules

   Module I Public Financial Administration and Ethical Governance: Insights from Kautilya's Arthashastra 14 chapters

   1. 1 Why a Commerce Student Reads Kautilya pages 1 to 3
   2. 2 The Arthashastra, and the Text We Are Reading pages 4 to 6
   3. 3 Principles of Public Expenditure pages 7 to 9
   4. 4 Budget Preparation and Control Mechanisms pages 10 to 12
   5. 5 Salary Administration pages 13 to 16
   6. 6 Storehouses, and the Acquisition of Valuables pages 17 to 20
   7. 7 Annual Accountability Reports, and the Closing of the Books pages 21 to 24
   8. 8 The Royal Auditors and the Office of Accounts pages 25 to 28
   9. 9 Audit Procedure: Sealed Accounts, Collusion, and the Full Moon of Asadha pages 29 to 31
   10. 10 Internal Controls Against Fraud and Misuse pages 32 to 36
   11. 11 Codified Rules, and Structure Against Conflicts of Interest pages 37 to 40
   12. 12 Ethics in Accounting, Corruption, and Law and Order pages 41 to 44
   13. 13 Kautilya in Modern Accounting and Governance pages 45 to 47
   14. 14 Practice Questions: Public Financial Administration and Ethics pages 48 to 52

   Module II Taxation Systems in Ancient India 15 chapters

   1. 15 Taxation as Rajadharma and Lokasangraha pages 53 to 56
   2. 16 Ethical Limits on Taxation, and the Protection of Taxpayers pages 57 to 60
   3. 17 Equity, Certainty, Convenience and Economy in Indian Thought pages 61 to 65
   4. 18 Accountability of the Ruler and of Revenue Officials pages 66 to 69
   5. 19 Tax Incidence in a Traditional Economy pages 70 to 73
   6. 20 Taxation in the Ramayana and the Mahabharata pages 74 to 76
   7. 21 Manu Smriti on Taxation pages 77 to 80
   8. 22 The Arthashastra's Revenue Framework pages 81 to 84
   9. 23 The Mauryan Revenue System pages 85 to 88
   10. 24 The Gupta Revenue System pages 89 to 92
   11. 25 Chola and Vijayanagar Fiscal Practice pages 93 to 96
   12. 26 The Sultanate: Iqta, Agricultural Taxation and Market Control pages 97 to 100
   13. 27 Mughal Revenue Administration: Todar Mal, Zabt, and the Balance pages 101 to 104
   14. 28 How a Caselet Is Answered pages 105 to 108
   15. 29 Practice Questions: Taxation Systems in Ancient India pages 109 to 113

4. Cost Accounting - I

   Official Notes munotes.in

   Cost Accounting - I

   B.COM. (ACCOUNTANCY) · SEMESTER 5

   Strictly as per the University of Mumbai NEP 2020 syllabus set by the Board of Studies in Accountancy, with the statutory positions on hours and overtime read off the Factories Act, 1948

   For TYBCom students of the University of Mumbai taking Accountancy as their Major, a degree now awarded as B.Com. (Commerce and Management) and examined as Bachelor of Commerce

   munotes.in TY BCom Accountancy

   Cost Accounting - I

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   Written and first published by munotes.in, 2026.

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   Contents

   Module I Classification of Costs and Cost Sheet and Reconciliation of cost and financial accounts

   1. What Cost Accounting Is For, and What It Is Not 1
   2. Classification of Cost by Function 3
   3. Cost Accounting and Financial Accounting Compared 7
   4. The Cost Sheet, and the Order Its Lines Must Take 9
   5. A Complete Cost Sheet, Worked 12
   6. A Cost Statement for the Provision of Services 14
   7. Why the Cost Profit and the Financial Profit Differ 17
   8. Reconciliation of Cost and Financial Accounts, Worked 20
   9. Practice Questions: Cost Sheet and Reconciliation 22

   Module II Material and Employee Cost

   1. Material Cost: What It Is and Why It Is Controlled 25
   2. Purchase Procedures and the Documents They Generate 28
   3. Inventory Control Techniques 30
   4. Economic Order Quantity 33
   5. Reorder Level, Minimum, Maximum and Average Stock 37
   6. Methods of Inventory Accounting 40
   7. The Stock Ledger, Worked 43
   8. Employee Cost, and Direct Expenses 45
   9. Attendance and Payroll Procedures 48

   Contents continued

   Module II continued Material and Employee Cost

   1. Idle Time and Overtime 51
   2. Labour Turnover 55
   3. Utilisation of Labour, and Charging Labour Cost 58
   4. Identifying Labour Hours with Work Orders, Batches and Capital Jobs 61
   5. Efficiency Rating Procedures 64
   6. Remuneration Systems and Incentive Schemes 67
   7. The Labour Cost Statement, Including Incentives, Worked 71
   8. Practice Questions: Material and Employee Cost 75

   Module Appendix Appendix: Overheads, which the older papers ask

   1. Overheads: What the Older Papers Ask, and Where It Belongs 79

   Page 1 onwards

   82 pages in this book. The cover and the contents are above. Everything from page one is in the pass.

   Notes

   2026 Edition, as per the latest syllabus. 82 pages.

   Every chapter in the notes: 27 chapters across 3 modules

   Module I Classification of Costs and Cost Sheet and Reconciliation of cost and financial accounts 9 chapters

   1. 1 What Cost Accounting Is For, and What It Is Not pages 1 to 2
   2. 2 Classification of Cost by Function pages 3 to 6
   3. 3 Cost Accounting and Financial Accounting Compared pages 7 to 8
   4. 4 The Cost Sheet, and the Order Its Lines Must Take pages 9 to 11
   5. 5 A Complete Cost Sheet, Worked pages 12 to 13
   6. 6 A Cost Statement for the Provision of Services pages 14 to 16
   7. 7 Why the Cost Profit and the Financial Profit Differ pages 17 to 19
   8. 8 Reconciliation of Cost and Financial Accounts, Worked pages 20 to 21
   9. 9 Practice Questions: Cost Sheet and Reconciliation pages 22 to 24

   Module II Material and Employee Cost 17 chapters

   1. 10 Material Cost: What It Is and Why It Is Controlled pages 25 to 27
   2. 11 Purchase Procedures and the Documents They Generate pages 28 to 29
   3. 12 Inventory Control Techniques pages 30 to 32
   4. 13 Economic Order Quantity pages 33 to 36
   5. 14 Reorder Level, Minimum, Maximum and Average Stock pages 37 to 39
   6. 15 Methods of Inventory Accounting pages 40 to 42
   7. 16 The Stock Ledger, Worked pages 43 to 44
   8. 17 Employee Cost, and Direct Expenses pages 45 to 47
   9. 18 Attendance and Payroll Procedures pages 48 to 50
   10. 19 Idle Time and Overtime pages 51 to 54
   11. 20 Labour Turnover pages 55 to 57
   12. 21 Utilisation of Labour, and Charging Labour Cost pages 58 to 60
   13. 22 Identifying Labour Hours with Work Orders, Batches and Capital Jobs pages 61 to 63
   14. 23 Efficiency Rating Procedures pages 64 to 66
   15. 24 Remuneration Systems and Incentive Schemes pages 67 to 70
   16. 25 The Labour Cost Statement, Including Incentives, Worked pages 71 to 74
   17. 26 Practice Questions: Material and Employee Cost pages 75 to 78

   Module Appendix Appendix: Overheads, which the older papers ask 1 chapter

   1. 27 Overheads: What the Older Papers Ask, and Where It Belongs pages 79 to 82

Questions