Accounting and bookkeeping in India refer to the process of recording, classifying, summarizing, and interpreting financial transactions of a business or organization. These terms are often used interchangeably, but there are some differences between the two.

Bookkeeping is the process of recording and maintaining the financial transactions of a business or organization. This involves recording every financial transaction that occurs in a business, including sales, purchases, receipts, and payments. The bookkeeping process also involves reconciling accounts and preparing financial statements such as balance sheets and income statements.

Accounting, on the other hand, involves analyzing and interpreting the financial data recorded in the books of accounts to provide useful information for decision-making. This involves preparing financial reports such as cash flow statements, profit and loss statements, and balance sheets, as well as providing financial advice and guidance to business owners and managers.

In India, accounting and bookkeeping services are provided by accounting firms, chartered accountants, and other professionals. These professionals are required to comply with the standards set by the Institute of Chartered Accountants of India (ICAI) and the Ministry of Corporate Affairs.