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Home / Syllabus / B.Com. (Accounting and Finance) / TY BAF / Semester 5 / Indian Knowledge System in Accounting and Finance

B.Com. (Accounting and Finance) Indian Knowledge System in Accounting and Finance Syllabus - Mumbai University

This is the TY BAF syllabus under NEP 2020, in force from the academic year 2026-27. The University still sets the earlier Choice Based syllabus below alongside it for ATKT candidates, so check which scheme your exam form names before you revise.

Indian Knowledge System in Accounting and Finance Syllabus.pdf
Major · Semester 5 · TY BAF · 2 credits · 50 marks

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Syllabus for Indian Knowledge System in Accounting and Finance

Major · Semester 5 · TY BAF · 2 credits · 50 marks

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

  • A. Expenditure and Budgeting
  • Principles of public expenditure
  • Budget preparation and control mechanisms
  • Salary administration, maintenance of storehouses, and acquisition of valuables B. Internal Controls
  • Annual accountability reports and the closing of books
  • Role and process of royal auditors
  • Audit procedures: submission of sealed accounts, prohibition of collusion and annual audits at the end of the financial year (full moon of Asadha)
  • Internal controls to prevent fraud and misuse of resources C. Organizational Design and Ethics
  • Codification of financial rules and regulations
  • Organizational structure to minimize conflicts of interest
  • Role of ethics in accounting, prevention of corruption, and maintenance of law and order D. Contemporary Relevance and Comparative Analysis
  • Application of Kautilya’s principles in modern accounting and governance
  • Comparative study with current Indian government finance systems
  • Lessons for modern-day financial administration

Module II: Taxation Systems in Ancient India

  • A. Concept and Rationale of Taxation in Indian Knowledge Systems
  • Taxation as Rajadharma and Lokasangraha
  • State responsibility, welfare orientation, and redistribution
  • Ethical limits on taxation and protection of taxpayers B. Principles of Taxation and Public Administration
  • Equity, certainty, convenience, and economy in Indian thought
  • Accountability of the ruler and revenue officials
  • Overview of partial and general tax incidence in traditional economies C. Taxation in Classical Indian Texts
  • References to taxation in the Ramayana and Mahabharata
  • Manu Smriti: moderation, fairness, and social order
  • Kautilya’s Arthashastra: systematic revenue framework, tax administration, and welfare measures D. Taxation and Revenue Administration in Ancient India
  • Mauryan Revenue System
  • Land revenue, trade taxes, state monopolies
  • Centralised fiscal administration
  • Gupta Revenue System
  • Land grants, decentralisation, and revenue remission
  • Chola and Vijayanagar Fiscal Practices
  • Local self-governance and taxation
  • Temple-centred revenue management
  • Trade, irrigation, and land-based taxes E. Taxation in Medieval India
  • Sultanate Period
  • Iqta system
  • Agricultural taxation and market control
  • Mughal Administration
  • Todar Mal’s land revenue reforms
  • Zabt system and assessment techniques
  • Balance between revenue efficiency and agrarian stability

Reference Books

  • 1 Arthashastra Kautilya. (2016). The Arthashastra (R. Shamasastry, Trans.). New Delhi, India: Penguin Classics.
  • 2 Arthashastra Rangarajan, L. N. (1992). Kautilya: The Arthashastra. New Delhi, India: Penguin India.
  • 3 Public Administration Maheshwari, S. R. (2020). Indian administration (8th ed.). New Delhi, India: Orient Blackswan.
  • 4 Public Finance Musgrave, R. A., & Musgrave, P. B. (2019). Public finance in theory and practice (10th ed.). New Delhi, India: McGraw Hill Education.
  • 5 History of Indian Taxation Pramathanath Banerjea Classic historical text on the evolution of tax structures in India. Archive.org: https://archive.org/details/in.ernet.dli.2015.274714
  • 6 Taxation and Revenue Collection in Ancient India: Reflections on Mahabharata, Manusmriti, Arthashastra and Shukranitisar Author: Sanjeev Kumar A focused study on taxation in major Indian texts, ideal for ancient Indian public finance and ethical taxation.
  • 7 Taxation History, Theory, Law and Administration Parthasarathi Shome A comprehensive academic text that covers the concept and history of taxation, including sections on Indian context, theory of tax incidence, principles of taxation, and broad administration. Springer info: https://link.springer.com/book/10.1007/978-3-030-68214-9
  • 1 Indian Political Thought Varma, V. P. (2017). Indian political thought. New Delhi, India: Vikas Publishing House.
  • 2 Ethics in Public Administration Sharma, M. P., Sadana, B. L., & Kaur, H. (2018). Public administration in theory and practice (49th ed.). Allahabad, India: Kitab Mahal.
  • 3 Corporate Governance Tricker, B. (2020). Corporate governance: Principles, policies, and practices (4th ed.). Oxford, UK: Oxford University Press.
  • 4 Indian Knowledge Systems Dharampal. (2019). Indian science and technology in the eighteenth century. New Delhi, India: Other India Press. External, Semester End Examination 11 Internal Continuous Assessment: 40% 60% Individual Passing in Internal and External Examination 12 Continuous Evaluation through: Semester End External – 60 Marks Time – 2 Hours Assessment/Evaluation Marks Attempt any 4 out of 6 questions Class Test during the lectures. (Physical/Online Mode) (Short No. Question Marks 1 Notes/ MCQs/ Match the 10 Q.1 Practical/Theory 15 Pairs/ Answer in one sentence/ Puzzles) Q.2 Practical/Theory 15 Participation in Workshop/ Q.3 Practical/Theory 15 Conference/ Seminar/ Note 2 10 Assignment & Viva 1. Equal Weightage is to be given to all the (Physical/Online Mode) modules.
  • 2 15 marks question may be subdivided into 8 marks + 7 marks, 10 marks + 5 marks and 5 marks + 5 marks + 5 marks. Internal options may be given however, it is not mandatory.
  • 3 Use of a simple calculator is allowed in the examination.
  • 4 Wherever possible more importance is to be given to the practical problem.
  • 5 Introduce Caselet in Q.3 SEM V Vertical – 1 Electives (4) Syllabus B.Com. (Accounting and Finance) (Sem.- V)

Reproduced from the University of Mumbai syllabus for B.Com. (Accounting & Finance) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.

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PDF BAF V & VI 2018 2019 Earlier Choice Based syllabus, still set for ATKT candidates Read full PDF Read
PDF BAF III & IV 2017 18 Earlier Choice Based syllabus, still set for ATKT candidates Read full PDF Read
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