Finance Department

About Finance Department:

A finance department is the part of an organization responsible for managing all financial processes and decisions. It controls income and expenditure while also ensuring effective working running with minimum disruptions. Besides the traditional roles of handling the payroll, income and expenses, finance department responsibilities also include economic analysis to improve key educational institute strategies.

The finance department is responsible for daily record keeping and maintaining an accurate history of the university financial records. It also prepares income statements and supports the management team by providing them with the financial data required for decision-making. Accurate bookkeeping can be essential for the organization’s long-term success.

Department of Finance deals with all matters related to finance in the university which includes Budget, Pay Revision, Regulations, Expenditure. Department of Finance acts as a guide to All departments related to the university in Financial matters. Finance department is also responsible for monitoring and review of financial allocations to plan and non plan budget.

The Finance Department scrutinizes the proposals of the administrative departments and evaluates the proposals with reference to needs, cost effectiveness, budget provisions, financial procedure, etc., keeping in mind the importance of balancing receipts and expenditure and achieving the fiscal objectives of the university.

Vision & Mission

Vision:

To facilitate development for university through prudent and progressive Financial Management.

Mission:

• Improve University Financial Management System continuously, and position MAKHANLAL CHATURVEDI NATIONAL UNIVERSITY OF JOURNALISM AND COMMUNICATION, BHOPAL as a benchmark in Financial Discipline, Fund Management, etc.
• To develop efficient and transparent system for enabling financial transactions/functions of different Government bodies using technological interventions.
• To facilitate the implementation of inclusive growth and equity and allocate resources judiciously.
• To ensure fund discipline in the spending of public money by university finance department.
• To prepare, implement and review financial roadmap ensuring fund stability and progressive approach.
• To provide transparent and proactive governance to the people of university by acting as a guardian of the university exchequer.
• To be an instrument of all-round development of university.

e-Governance is used in the Finance and Account Section of university in which main accounts are maintained through software, similarly all payments by the university are made online through STATE BANK OF INDIA corporate Net Banking.

The academic branch of the university is completely cashless in which all types of Fees taken form students through M.P. Online. All other Recepits through Account Payee Cheque/Account Payee Draft/ECS/Credit Card/Debit Card/Net Banking/Mobile Banking/IMPS/UPI/NEFT/RTGS/BHIM Aadhar Pay/POS Machine/QR Scanners.

Financial Accounts of the university are maintained in customized accounting software “LEKHA-JOKHA”. Double entry system is followed in accounting.

Finance Department of university is completely Cashless.

 

Rules and Regulations:

• Finance Committee
• Delegation of Financial Power
• PAN Details
• TAN Details
• EPFO Establishment Details
• GST Details
• Bank Details

Various Forms and Circulars:

• E-payment Details Format
• Cash Voucher Details Format
• TA/DA Form with Rules
• For Form16/16A:
  • Mobile App Link for Android
  • Link for Windows, ios and Others

Income Tax Exemption:

• University Fund
• CSR Registration
• Order of Registration Income Tax u/s 12A

Miscellaneous:

• TDS & TCS Rate Chart (FY:2024-25)
• Pay-Matrix Table (As on 7th CPC)
• Income Tax Slabs for FY:2023-24 (AY:2024-25)
• Professional Tax Slabs (Madhya Pradesh State)
• Cheque Signature Authority