Finance and Accounts

1. Constituents

Finance & Accounts Branch is headed by the Finance & Accounts Member, supported by Deputy Finance Manager, Assistant Finance Manager and other supporting staff.

2. Routine Functions

(a) System of Accounting:

It follows the most scientific accounting system adopted world wide “Double Entry System of Accounting”.

(b) Receipt and Payment:

Finance & Accounts Branch controls all Receipts and process all expenditures of CDA through proper authorizations.

(c) Pay Roll Accounting:

It prepares Salary Bills of the Employees of CDA as well Pension Bills of retired CDA’s employees in each month. Presently CDA prepares Pay Roll using Pay Roll software designed by National Informatics Centre, Orissa State Unit, Bhubaneswar.

(d) Estate Verification:

It performs Accounts verification of the applicant and allottee of various sectors/market complexes.

(e) Surplus Fund Management:

Finance Branch is managing the Surplus Funds of CDA by investing in shape of Fixed Deposit/Term Deposit in different Banks, carrying higher rate of interest on the said deposits. As it fetches, and considered as one of the major source of income of CDA.

3. Statutory Functions

(a) Budgets:

As per the O.D.A. Act, Finance Branch prepares and presents Budget Estimates and Revised Estimates for each Financial Year in the month of December and placed before the Authority for its approval.

(b) Employees Provident Funds:

CDA maintains it employees Provident Funds accounts with Employees Provident Funds Commission. Finance Branch maintains the recovery of employee’s share as well as employer’s share and remit it to the Regional Provident Fund Commissioner, Bhubaneswar in each month and distribute the EPF A/c slip to each employee once in a year.

(c) Income Tax:

Finance Branch prepares the TDS after deduction from the Taxable Salary Income of all the Officers and Employees whose salary income exceeds the exemption limit as prescribed by the relevant Finance Act. Further, it maintains the TDS Returns of Stores Purchased, Payment of Advertisement, and Professional Services of CDA.

(d) Sales Tax:

All relevant payment of TDS sales tax on store purchased etc is being deposited in Special Treasury Accounts.

(e) Internal Audit:

Since Financial Year 2003-04, CDA is coming under Income Tax net. Hence it is statutory on part of CDA to file Tax Audit Report by Chartered Accountants. Accordingly CDA is appointing a Chartered Accountants Firm to take up the Internal Audit and Tax Audit work of CDA in each Financial Year.

(f) Local Fund Audit:

All activities of CDA i.e. income, expenditure, receipts etc is being audited by Finance Branch through Local Fund Audit.