INTRODUCTION
M.P.Laghu Udyog Nigam Limited was set up in the year 1961.
Initially, there was no separate Finance Department of the Nigam. The activities of Finance Department were carried out by another Department viz., Raw Material Department.
It was in the year 1976, that the thought of establishing an independent and vibrant Finance Department of the Nigam emerged.
In the light of above, the Finance and Accounts Department of the Nigam was established in 1976.
SIGNIFICANCE
Ensure the sound Financial Health of the Nigam
Cash-Flow and Funds-Flow
Payroll of staff, and settlement of Claims of customers
Preparation of Nigam’s Annual Budget
Execute MOU between the Nigam & C & I Deptt. Of the Government of M.P.
Invest the Nigam’s Funds in Banks
Tax Planning
Internal & Statutory and AGMP Audit of Nigam’s Accounts
Carry out Physical Stock Verification of all Branches of Nigam annually and issuance of Certificates of valuation of Stock
Prepare the Annual Accounts
Present the Annual Report of the Nigam to Vidhan Sabha.
ADMINISTRATIVECONTROL
WORKING SECTIONS
Claims & Bills Section
Final Accounts Section
Audit Section
Tax & Recovery Section
Fund Section (After retirement employee's claims)
Computer Section
SECTION WISE FUNCTIONING
CLAIMS/BILLS SECTION
Claims Section caters to the following departments of the Nigam :
- Marketing
- Estate & Construction
- Raw Material
- Emporium
- Technical
- BDC
- Personal & Co-ordination
- Administration Section
- MD & Chairman Section
CLAIMS SECTION
Work related to Marketing/Emporium/RM/E&CL/TECHNICAL
Receipts/ Refunds of Service Commission / EMD
Receipt of Tender Fee/Earnest Money/ Penalty
P.D. Account receipts / payments
Receipts of funds from Government Departments
Receipts of funds related to Civil Construction work and maintenance of Ledger.
Transfer of funds to all department of MPLUN.
Executing Bank Guarantees
Transfer of Funds to Emporium / Raw Material against Purchases
GENERAL WORK
Control over Cash & Bank Deposits
Investment of Funds in Banks
Control of Bank Accounts / Reconciliations thereof
Preparation of Payroll of all the employees of the Nigam posted in Head Office & Branches
Remittance of all Government Dues e.g; CPF, Gratuity, LIC, TDS etc.
Payment of Advances, Arrears etc. to Staff
Payment of all contingent expenses including medical & traveling exp.
Payment of Taxes / Dividends.
FINAL ACCOUNTS SECTION
Nigam’s Accounts are centralized at H.O.
There are 22 Branches and 23 CostCenters which include Head Office.
Final Accounts Section receives Accounts Returns like Cash Book, Purchases Register, Sales Register, IUTs, IURs, Debit /Credit Notes, Consignment Purchase/ Sales, Bank Reconciliation Statements etc.,
After receiving the Accounts Returns, they are verified , and entered into Computer
After the data is fed into the computer, print-outs of ledger are scrutinized and adjustment entries are passed through journal for errors, etc.
Bank Reconciliation work is done for 4 Banks maintained by Head Office and 14 Banks located at various Branches of the Nigam
STAGES OF FINALIZATION OF ACCOUNTS
Revision of Accounts
Statutory Audit
Approval of Accounts by the Board of Directors
Certification of Accounts by the CA.
Supplementary Audit u/s 619(4) by the AGMP
Reply of Ad-memoir to AGMP
Obtaining the Comments from CAG
Get ting the approval of Management’s reply to Auditor’s Report and Comments of CAG, through Board of Directors
Approval of Annual Report in the AGM
To present the Printed Annual Report to State Assembly.
Final Accounts Section also looks after the following:
- Sending of Monthly Progress Report of Accounts- Position to C & I Department and Public Sector Undertaking Bureau
- Sending of various facts & figures relating to Accounts to the AGMP from time to time
AUDIT SECTION
Internal audit of All Units and Head Office- Presently the work is being done by a Chartered Accountant on contract –basis.
Preparation of Annual Budget of the Nigam
Consolidation of Monthly Progress Reports received from various branches and Departments of Head Office.
Execute MOU between the Nigam & C & I Deptt. Of the Government of M.P.
Compliance of AGMP and CAG Reports.
Follow-up work of Report received from Public Accounts Committee and sending of Compliance Report
Physical Stock Verification of Branches of Nigam annually and issuance of Certificates of valuation of Stock
Maintenance and Control of Nigam’s old Records in Record Room.
TAX & RECOVERY SECTION
Taxation work can broadly be classified into:
Income Tax
Commercial Tax
Entry Tax
Professional Tax
Service Tax
TAXATION SECTION : INCOME TAX
Computation of Advance Income Tax of the Nigam and filing of Return in the stipulated time.
Conducting of Tax Audit U/s 44AB of the Companies Act and submission of Annual Report to Income Tax Department.
Compliance/ follow-up of notices received from Income Tax Department from time to time
Filing of Income Tax Appeals to IT Commissioner/Tribunal as and when required
To get refunds of Income-Tax from the Authorities
To issue TDS Certificates to the employees of the Nigam/Contractors/other agencies/persons
Filing of TDS Returns in the prescribed time.
TAXATION SECTION: COMMERCIAL TAX/ENTRY TAX/ CST
Receive the information of Commercial Tax/Entry Tax/CST collected, from the Branches and deposit the advance tax accordingly up to 10th of every month
File Quarterly Returns in the Commercial Tax Deptt.
Annual Assessment of Tax as per the notice received from the Comm. Tax Deptt.
Filing of Appeals to Commissioner/Tribunal/Appellate Board, Commercial Tax as and when required
TAXATION SECTION: SERVICE TAX
The Scope of Service Tax has been widened in the recent Budget of the Union Government
As per the Budget, Service Commission on Marketing, Testing Charges/ Inspection Charges and Supervision charges attract Service Tax
Accordingly, information of Service Tax is being collected from the Branches and Departments of H.O.
Service Tax so collected is deposited into Excise Deptt. every month
Filing of Half-yearly Returns of Service Tax in the prescribed time
Assessment / Appeals of Service Tax as and when required
Comparative Chart Showing Income / expenditure / achievement for
Current year vis-à-vis last three years
S. No. / YEAR / BUSINESS / INCOME / EXPENDITURE / WORKING RESULT(Before Tax)
TARGET / ACTUAL / TARGET / ACTUAL / TARGET / ACTUAL / TARGET / ACTUAL
1
2
3
4
Turnover / Income / Net working Result of various Department
Audited / Provisional Statement for the year 2008-09 and 2009-10
S. No. / ACTIVITIES / TARGET / TURNOVER / GROSS INCOME / NET WORKING RESULT2008-09 / 2009-10 / 2008-09 / 2009-10 / 2008-09 / 2009-10 / 2008-09 / 2009-10
1 / EMPORIA