Empanelment of Chartered Accountant Firms for Indian Institute of Technology

Indian Institute of Technology (IIT) Goa invites tender from Goa-based Chartered Accountant Firms for empanelment for the services which may further be extended for four more years (on a yearly basis) on satisfactory completion of the work and as per the requirements.

IIT Goa (Indian Institute of Technology Goa) is a Central Autonomous Body that reports to the Ministry of Education of the Government of India. An Act of Parliament has designated IIT Goa as an Institute of National Importance.

IIT Goa keeps its books on an accrual basis and adheres to the relevant accounting principles set forth by the Ministry of Education. The Institute’s academic and administrative costs are covered by several Grants from the Ministry of Education. The Institute also has a Research & Development division, which receives some support from grants from the parent Ministry and the majority of its funding from outside sources (Govt./PSUs/Firms). Research advancements, international partnerships, industrial interactions, domestic and international seminars, and consultancy operations are this division’s core activities. The Institute’s expenses are divided into Recurring and Non-recurring expenditures depending on the source of funding.

Last Date of Submission of Tender 15th July:

2022 up to 15:00 hours

Scope of work :

The main tasks that must be delegated to the Chartered Accountant Firm are as follows:

• Quarterly auditing of books of accounts together with actual vouchers and submission of Quarterly Audit Report within one month of the end of the quarter.
• Checking the Institute accounts’ bank reconciliation statements.
• The creation of Form 16/16A and the completion of TDS Returns. This includes, regardless of the period to which the correction statement or return pertains, the production and submission of correction/revised statements against the defaults generated by TIN-NSDL and against the notices received from the Income Tax Department during the time of engagement.
• GST/TDS on GST and GST-related services all GSTIN returns from the Institute.
• The Institute’s annual income tax return filing. preparation, review, and submission of the Institute’s Annual Return under the Income Tax Act, including with appropriate disclosures, computation comments, and other matters. includes preparing and reviewing a revised return that must be filed for any financial year, if necessary.
• Providing Form 15 CA/15CB or any other relevant document in accordance with the statutory requirement as it applies to the Institute and assisting with the processing of international payments.
• Advice on applying GST and TDS to monies received for research from foreign collaborators, organisations, institutions, other organisations, and private companies based in India.
•  As and when necessary, FCRA/FEMA advisory.
• Processing all of the Institute’s statutory registrations that are necessary for the Institute to receive the GOI-permitted advantages.
• Independent of the fiscal year, auditing and certification of Statements of Expenditure and Utilization Certificates for a variety of Sponsored Research Projects.

Evaluation Criteria for Bids:

Time Period:

The Chartered Accountant firm will be needed to offer the desired services initially for a period of one year; however, based on satisfactory performance and requirements, this agreement may be renewed for an additional four years (on an annual basis). Despite the preceding provisions, the Institute retains the power to terminate the services of the chartered accounting firm if those services are found to be subpar at any point throughout the period.

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