The Finance and Accounts section manages the financial transactions and records of the Institute. The section handles financial aspects such as Budgeting, Payments processing, Accounting and reporting as per the applicable Financial Reporting Framework.
The accounts section is responsible for processing the payroll for the institutions employees. This includes calculating salaries, withholding taxes, and ensuring all payroll taxes and statutory contributions are paid on time.
The section prepares financial statements as per the format of accounts mandated by the Ministry of Education that provide an overview of the institution's financial position. These reports are typically used by management, the board of directors, and other stakeholders to make informed decisions about the institution's financial future. The Utilisation Certificates for Grants in Aid are also prepared by the section.
The section manages the institution'''s accounts payable and receivable. This involves paying claims on time, invoicing customers, and managing collections.
The section makes all statutory payments within defined timelines, including TDS, GST returns, Income tax, NPS etc.
The Finance and Accounts Section acts as a liaison with the Audit Authorities for conduction of various types of Audit applicable to the Central Autonomous Bodies.
By maintaining accurate and up-to-date records, facilitating financial planning, and adhering to regulatory requirements, the Finance and Accounts section aims to contribute towards the overall growth and development of the institute.