AFVOA Newletters of Year 2013

Page 54 of 61 accumulating surpluses). Please do not give the impression that we have "excessive funds". I would prefer to say that despite the double digit inflation we are in sound financial health due to prudent management of our funds. We need to maintain this degree of austerity so that we build a strategic reserve for the coming years. To guard against any mischief, we keep all our funds in long term FDs. We authorise the banks to credit our interest into recurring deposit accounts and permit only a small proportion of our interest income to come into our SB Accounts. We place the FDs with the Patron for safe custody. How can someone then act in a cavalier manner and squander our money? 3. Capital Reserve of Rs Five Lakhs lying inert. (Balance Sheet.) It is remaining idle for the past few years; ever since it was received from Army Cdr Southern Command. The AGM should work out a road map for its utility. There is no point in simply carrying it forward from year to year. It should be put to good use. I agree. You may kindly give us a few suggestions. 4. Purchase of Almirah at a cost of Rs 15,125 from AFVOA Funds (Rpt and Payment Statement) While there is no disputing the fact of the need for purchase of the almirah. AFVOA's balance fund lying with HQ ATNKK Area amounting to about Rs. 30,000/= out of the Rs. 2 Lakhs given as a one-time Grant by the then Adjutant General, Lt Gen Jamwal should have been utilised for this purpose. This grant was partially utilised for the purchase of office furniture and computer by a Board of Officers constituted by the Area HQ about 5 years back. Utilisation of the balance amount was also raised during the last AGM. I am afraid no such point was raised in the last AGM. Something may have been said on the subject in passing. However, I may submit that from what we see, documentation on the subject is not complete. I have personally searched most of the files. (They were all lying in an unholy mess, which is when we thought of some proper storage.) I have yet another ten odd files to go through. Let us hope we can find all the relevant papers before we approach the Area HQ. 5. Income Tax Return During last year’s AGM I had raised a point that every year we are having TDS being deducted on the FDs. It is not clear whether it is the accumulated TDS or only that pertaining to the Fin year that is reflected in the Balance Sheet as there are two different amounts shown as TDS (one of Rs.21000/= and the other of Rs. 5000). The auditor should clarify this point and also confirm that the IT return is being submitted this year. This would also ensure that the accumulated TDS over the last few years is returned to us by IT department. Even more availability of Funds!!! (Refer to point 2) The smaller figure pertains to the year 12-13. The larger figure is the cumulative amount over the years. The CA had been given written directions to file the tax returns for FY 2010-11, 2011-12 and 2012-13. He has also been told to file application with the IT authorities for exemption of tax under Section 12 A of the IT Act. Passing of Accounts 2011-2012 There being no other points of observation on the accounts, the accounts were proposed to be passed by Maj VV Chandrasekaran and seconded by Cdr L Radhakrishnan.