About the accounts and finances and offences and penalties under code on social security, Cheat Sheet of Labor and Social Security Law

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Labour Law II 211FU01013, B.A. LLB (Hon's) Topic : FINANCE & ACCOUNTS , OFFENCES & PENALTIES Introduction Finance and accounts regulations for Social Security in India. It was drawn from the code on social security code 2020 , the Finance and Accounts were mentioned under the chapter x, Offences and Penalties were mentioned under the chapter XII Accounts and Audit (115-116) Social Security Organizations must maintain proper accounts of income and expenditure, subject to audit by the Comptroller and Auditor-General of India.Budgeting (117) Each year, these organizations need to create a budget for approval by the appropriate government, ensuring it covers expenses and liabilities Annual Reports (118) They must submit annual reports of their activities, budgets, and audited accounts to the appropriate government, which will then be presented to the Parliament or State legislature. Valuation of Assets and Liabilities (119) Regular valuation of assets and liabilities is required, and this varies in frequency based on the type of Social Security Organization.Property and Investment (120) These organizations have the authority to acquire, hold, sell, transfer property, invest money, raise loans, and create benefit funds.Penalties for Non-Compliance (133) Various penalties are outlined for non-compliance, including failure to pay contributions, with varying degrees of imprisonment and fines.Enhanced Punishment (134) Repeat offenders face enhanced punishments, especially for failing to pay contributions. Offenses by Companies (135) Individuals in charge of a company's conduct can be held accountable for offenses committed by the company.Procedure for Prosecution (136) Prosecution for offenses requires a complaint from an aggrieved person or designated officers, and certain