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Arthashastra, written around 4th century BC by Vishnugupta

Many of you might not be aware that in Arthaśāstra, written around 4th century BC by Viṣṇugupta, also known as Kauṭilya or Chāṇakya, three chapters provide an encompassing account on accounting, and deal with some vital concepts in accounting including expenditure and profit, checks and balances, and audit practices. Sources like Ṛgveda (circa 1500 BC), Vedic Saṃhitās (1500-1000 BC), Upniṣadas (1000-500 BC) Manusmṛti (200 BC-200 AD), Pāṇinī (5th Century BC), Vālmīki Rāmāyaṇa (C. 400-300 BC), Arthaśāstra (4th century BC), Jātakas (2nd Century BC) and Qur‘ān (633-653 AD) provide significant insight into the accounting practices in those days and, therefore, help in tracing the process of their evolution in ancient India.

History has it that Accountancy profession has existed in India in different forms for ages even during the times of the Vedas, Sutras and the Upanishads.

The present shape of the profession is the result of assiduous and meticulous efforts of the ICAI and its mentors over the years ever since its inception on 1st July 1949.

The history of ICAI and Indian accountancy profession’s journey is replete with many interesting information which are adding on year after year. A look back at these vital information inspires a sense of pride and accomplishment among accountancy professionals in India. In this special feature, we bring to you some lesser known historical as well as recent facts about the ICAI and accountancy profession.

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