Functions and Responsibilities of Accounts Department

The following are the functions and responsibilities of Accounts department

Accounts:

1. Finalization of Accounts within two months of end of financial year.
2. Bank Reconciliation: on quarterly basis and when needed.
3. Correspondence with Ministry and other outside agencies
4. Investments :
   • Monitoring of the bank balances on day to day basis
   • Timely placing of the deposits,
   • updating of the control sheet and
   • reconciliation of the control sheet with the books of accounts on quarterly basis
5. Verification of claims such as TE Bill and off-cycle payments of staffs etc.
6. All matters relating to release of Advance / instalment of the loans
7. CPIO of Accounts matters and all accounts related RTI matters.
8. Maintaining respective files and documents, movements of files through RNI and on- going status updating in RNI.
9. Any other works which may be assigned from time to time by Supervisory officer / HOD.

Taxation:

1. Salary
   • Processing of the salary
   • Timely Remittance of the dues such as PF, Superannuation etc.
   • Matters relating to Officers and Employees on deputation
2. Taxation related matters both for employees and outside agencies (Including issuance of Form 16 and 16A)
3. Timely remittance of the Tax deducted at sources and filing of the returns
4. Support in Finalization of the Accounts
5. Matters relating to IRDA Superannuation and IRDA Provident Fund Trusts
   • Investment of PF Funds
   • Timely Accounting of the receipts
   • Reconciliation of Superannuation Account with LIC on half yearly basis.
   • Preparation and disbursement of the statement of the members (not later than six months from end of financial year)
   • Finalization of the trust accounts not later than six months from the end of the financial year
   • Processing of the loan applications of the Officers and Employees as per the rules of the trusts
   • Timely payments of the dues on retirement / resignation etc. of the officers and employees
   • Any other matter incidental and relating thereto
6. Maintaining respective files and documents, movements of files through RNI and on- going status updating in RNI.
7. Any other matters which may be assigned from time to time by supervisory officer / HOD.

Claims:

1. Processing of Off-cycle and day end payments
2. Petty Cash
3. Release of Travel advance and reconciliation on thereof on quarterly basis
4. Processing of payments for employees all payments submitted through SAP and TE Bills
5. Processing of the Third party payments
6. Ledger posting
7. Support in Finalization of the Accounts
8. Maintaining respective files and documents, movements of files through RNI and on- going status updating in RNI.
9. Any other matters which may be assigned from time to time by the supervisory officer / HoD.

Audit:

1. Remittance of Delhi Office and Guest House including verification of imprest statement
2. Web Portal /SAP Updation
   • Operational issues arising out of SAP implementation
   • Updation of the web portal of the agency
3. Timely deposit of receipts from Insurers, Intermediaries and Agents etc.
4. Reconciliation of Receipts
5. Verification of the claims submitted through SAP and third party payments
6. Matters relating to Internal Audit and C&AG Audit
7. Systems improvement in Internal Accounts
8. Maintaining respective files and documents, movements of files through RNI and on- going status updating in RNI.
9. Any other matters which may be assigned from time to time by the supervisory officer/ HOD.