B.Com. (Financial Management) Indian Knowledge Systems in Financial Management Syllabus - Mumbai University 2026

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

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Syllabus for Indian Knowledge Systems in Financial Management

Major · Semester 5 · TY BCom FM · 2 credits · 50 marks

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

Principles of public expenditure
Budget preparation and control mechanisms
Salary administration, maintenance of storehouses, and acquisition of valuables 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 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 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. https://www.penguin.co.in
2 Arthashastra Rangarajan, L. N. (1992). Kautilya: The Arthashastra. New Delhi, India: Penguin India. https://www.penguinrandomhouse.com
3 Public Administration Maheshwari, S. R. (2020). Indian administration (8th ed.). New Delhi, India: Orient Blackswan. https://www.orientblackswan.com
4 Public Finance Musgrave, R. A., & Musgrave, P. B. (2019). Public finance in theory and practice (10th ed.). New Delhi, India: McGraw Hill Education. https://www.mheducation.co.in
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. https://www.vikaspublishing.com
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. https://www.kitabmahal.com
3 Corporate Governance Tricker, B. (2020). Corporate governance: Principles, policies, and practices (4th ed.). Oxford, UK: Oxford University Press. https://global.oup.com
4 Indian Knowledge Systems Dharampal. (2019). Indian science and technology in the eighteenth century. New Delhi, India: Other India Press. https://www.otherindiabookstore.com

Reproduced from the University of Mumbai syllabus for B.Com. (Financial Management) 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.

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