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FINANCE
 
     
     
   
The main function of the Finance Division is to advise various Divisions and Research Institutes of ICSSR on all financial matters. It provides adequate planning, budget formulation, monitoring and disbursement of funds and examination of their adequate utilization for the purposes for which these are made. The Division also maintains proper accounts and records.
 
Following are the other activities, undertaken by ICSSR’s Finance Division:
 
Follow-up for getting grants from the Ministry of Human Resource Development;
Preparation of Budget Estimates/revised Estimates;
Allocation of Budget;
Preparation of Annual Accounts;
Preparation of Annual Accounts of various Projects and Programmes;
Preparation of Performance Budget of the Council
Acceptance of Government Revenues;
Maintenance of PF Accounts and its subsequent investment;
Distribution of grants to various Institutes, Scholars, Research Institutes or and Regional Centres etc;
Payment of salary and allowances given to employees, retired personnel & others.
   
The Division also takes care of payment of
a. TA, DA
b. Medical
c. LTC/ Honorarium
d. Pension and Other Benefits to Retirees
e. Calculation and Deduction of income tax at Source
f. Filing returns
g. Monitoring Disbursement of TA/DA etc. for Various Programmes
h. Auditing Council’s Accounts and submission to the Ministry of HRD etc. Expenditure incurred on the Council’s infrastructures, purchase of stationery, furniture etc. is paid by the Finance Division
 
 
The Council has implemented Uniform Financial Accounting Pattern, devised for the central autonomous bodies by preparing its Annual Accounts 2005-06 as per the instructions of the Comptroller and Auditor General of India (CAG). The Council is regularly paying Property Tax to Municipal Corporation of Delhi (MCD). The Council abides by the statutory requirements like filing of Income Tax Returns on due dates etc. The Council is also committed to ensure that the persons retiring should get their retirement benefits in time. It also runs Cash Section, which happens to be the Drawing and Disbursing Office for expeditious disposal of all payments, including research, fellowship and other proposals under the supervision of Deputy Chief Finance Officer.
 
The Council prepares Annual Accounts in the form of Receipt and Payments, Incomes and Expenditures and Balance Sheets along with Projects’ Accounts including Provident Fund Account. At present, the Council is having Sponsored Research Programme such as ‘Current Anthropology’, ‘Sarabhai Memorial Trust', 'ICSSR-ICMR Health for All Project’, UNESCO, ‘Tribal Studies, ICSSR-IDPAD’, ‘ICSSR-Association of Asian Social Science Research Council (AASSREC)’ and ‘ICSSR-Scientrometric projects’.
 
The Council’s Annual Accounts gets ready by 30th of June or every year, thereafter, remitting its accounts to The Comptroller and Auditor General for audit. On receipt of final certificates from the Audit, The Audited Statement of Accounts and the Annual Report are laid on the Table of the Parliament. As and when any shortfall is pointed out, the Council takes note and improves accordingly. For example, the Comptroller and Auditor General (CAG) suggested charging depreciation on its assets. The Council implemented it by charging depreciation on its assets from 1.4.2001 onwards. It follows all Central Government Rules.
 
Future Programmes for Strengthening Accounting Effectively
 
The Council grant has increased to more than 40 crores. It is desirable to have its own Internal Audit System. Due to paucity of the staff, it has not been possible to start its own Internal Cell. Hopefully, in future, the ICSSR will have its own Internal System for checking the shortcomings, to strengthen the Council. The Council is also planning to change its system from Manual Accounting System to Computerized Accounting System so that the accounts are finalized well in time and placed before the Parliament. The Council is also planning to make its own financial bulletins so that each and every official may acquaint himself about Council’s functioning.