University College of Engineering, Burla

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Donate for UCE, Burla and Enjoy Tax Benefits

Posted on (mm/dd/yy): Sun 10/2/2005 6:47 PM

IT exemption under section 80G

Updates: Indian Tax Rebate | NRI Tax Rebate

Dear Alumni,
I am extremely happy to inform you that the Income Tax Commissioner has finally issued us the letter permitting IT rebate under section 80G to the donors of the Golden Jubilee Fund, after going through our record and hearing...

We have got this benefit is for 3 years ( assessment your 2006-07, 07-08,
08-09) starting from this year... If our alumni contribution continues to flow, we can extend it further after expiry of 3 years...

Secretary of Alumni shall issue each of the alumnus who has contributed to the GJ fund with a receipt along with the IT-rebate reference number....
You can file your IT return along with this receipt and avail tax exemption.... I believe, this will spur the alumni as well as donors from Industries to give more & more to the GJ fund...

Shortly, I shall come up with the details regarding this, after which I shall request the mailing address of the contributors so that we can send the receipt....

In the mean time, Prof Rabi Mohapatra of Texas University is in touch with OSA to route our dollar contribution through OSA so that the contributors get the Income Tax benefit in US.... This will take about 2 weeks to formalize...

Those who have not yet contributed, please contribute now... Those who have already contributed, it is time to think about 2nd installment contribution.... After all, IT exemption is in hand...

 

Regards,
- Ashesh Padhy,

Secretary -

Alumni Association of UCE, Burla

Message Updated on Indian Tax Rebate!

Updated on (mm/dd/yy): Wed 10/5/2005 5:38 PM

Dear Alumni,
Regarding tax benefit under 80G, following are the clarification....
 (a) It is deductible from Income and not from Net Tax payable....
 

 (b) It is extendible to anybody - person or organization - who donates in money (not in kind or asset)

 (c) At present, the Amount deductible is only 50%... Institution donations are allowed 50% rebate while 100% is normally allowed only to more heightened donations such as PM's Relief Fund, Calamity Fund, etc....
However, we had discussed the IT-benefit with His Excellency the Governor of Orissa last month... He had assured that after we obtain 50% amount-deductible under 80G, he would recommend to give us 100% amount-deductible IT-benefit under the same 80G.

 (d) we have got it for the assessment years of 2006-07, 2007-08, 2008-09 which is equivalent to financial years of 2005-06, 2006-07 & 2007-08....

 (e) Net qualifying amount is limited to 10% of gross total income of the assessee after reducing the following from gross total income :
  Amount deductible under section 80CCC TO 80U, Such income on which tax is not payable, Long term capital gains, Income as per sec- 115A, 115AB , 115AC, & 115AD, ( 115A - Dividend & interest received by a foreign company or a non-resident non-corporate assessee, 115AB - Income of an overseas financial organization from units purchased in foreign currency, 115AC - Income from bonds and GDR of a public sector company sold by the Govt. and purchased in foreign currency, 115AD - Income in respect of listed securities received by a foreign institutional investor )

Friends, IT-department has given us some (read 'Big') relief to payback to our college, in view of the fact that all of us are in high tax bracket...
Now, it must bring more contributions to the GJ fund... We will be sending the donors a receipt with copy of the letter obtained from IT department.... For this, I suggest that our friends like Biswa, Sitanshu, Dheeru may please send me their mailing address along with a list of alumni in their respective area so that I can send the receipts of all in a bunch which can be distributed...

Regards,
- Ashesh Padhy,

Secretary -

Alumni Association of UCE, Burla

Message Update on NRI Tax Exemption

Updated on (mm/dd/yy): Thu 10/20/2005 6:16 PM

Dear Alumni,

NRI Alumni will be happy to know that OSA (Orissa Society of America) has agreed to our request to remit the dollar contributions to UCE Golden Jubilee Fund.. All contributions made through OSA will attract IT-benefit in US... Mr Rabi N Mohapatra is our chief co-ordinator for North America...
Please contact Mr Rabi N Mahapatra, Department of Computer Science, Texas A&M University, College Station, Texas 77843-3112, Phone: (979) 845-5787 or Mr Krutibas Biswal at (kbiswal@gmail.com)...
 

Regards,
- Ashesh Padhy,

Secretary -

Alumni Association of UCE, Burla