Reforms in Finance / Accounts

In order to move from manual accounting to computerized accounting, provided computers to all the staff in the Finance / Accounts Department.

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All the staff were given adequate training to operate these computers, especially for financial and accounting applications.

To bring in the latest developments that have taken place in the accounting field, a comprehensive, upto date, foolproof, user friendly, reliable and time tested accounting package “Tally” was identified and introduced. All the staff were adequately trained for using this software.

Earlier, the University is following single entry system of accounting, which is incomplete and unscientific. Double entry system of accounting was introduced to give a complete picture of the financial position of the University at any point of time. By this, the following reports could be generated

Under the older system, what was actually received and paid were only recorded. What is due and what are to be paid were not reported.
Hence, the scientific method of “Accrual Based Accounting” was introduced w.e.f. 01/04/2011 by the University to bring in transparency, accountability, completeness, consistency and effective financial management and reporting. A reputed Chartered Accountant firm was assigned this job, to bring in professionalism and to be properly guided.
All the Assets and Liabilities of the University were brought into the books of accounts, and effectively monitored. Arrears of dues from any educational institution and expenses to be paid for will be clearly depicted in the accounts, on par with Corporate sector.
Our University is the first of its kind amongst all the Government Universities in our State to introduce this system. In a recent meeting, the Finance Minister of India has appealed to all the State Governments to switch over to this system, which we already have in practice.

In the past 4 years, Tax has been deducted by some banks on the interest paid to us on our deposits. We have collected all those TDS certificates and Income Tax returns have been filed for last 4 assessment years, claiming an aggregate IT refund of Rs.17.70 Lakhs.

We have received a legal opinion from an Income Tax expert regarding the position of the University with regard to Income Tax Law, the specific provision under which our University exempted from Tax and other compliance requirements under Income Tax Act. A letter has been filed with Income Tax Department, seeking their confirmation on this opinion.

In order to maximize the interest income on the investments of the University, quotations are received from various Banks and Government Financial Institutions and Deposits are placed with those Banks/Institutions offering the maximum rate of interest.