Contributions to Balram sir

[Tony Thomas]

Dear All,   Many people have asked me whether they can transfer their contribution to Balram sir soon. So let us not delay it further.   We have finally decided to transfer our individual contributions to Balram sir's account directly starting from 15 June 2010. Let us complete this exercise by 14 July 2010. I will let you all know the final sum collected at the end and let him know all the people involved.   Please let me know the amount you are transferring/transferred to sir, so that i can cross check with him that the amount indeed has been credited to his account.     Manu is preparing a googledoc spreadsheet  to keep track of the contributions. Please enter the details there too once he provides us with the link.   The account details of  Balram sir are:   Balram Yadav A/C: 10426038380 State Bank of India, IIT kanpur (Branch code: 1161)   His phone number is : +91-9336819254.   Thank you all.   Best regards, Tony. --- On Tue, 5/4/10, Balram Yadav <balr...@yahoo.com> wrote: From: Balram Yadav <balr...@yahoo.com> Subject: (TKD) My Account Details To: "Tony Thomas" <tonyth...@yahoo.com> Date: Tuesday, May 4, 2010, 7:47 PM Namaste, My bank account details are as follows: Balram Yadav 10426038380 SBI, IIT kanpur(Branch code: 1161) With regards, Balram Yadav --- On Mon, 29/3/10, Tony Thomas <tonyth...@yahoo.com> wrote: From: Tony Thomas <tonyth...@yahoo.com> Subject: Poomase Videos To: "Balram Yadav" <balr...@yahoo.com> Date: Monday, 29 March, 2010, 3:11 PM http://www.youtube.com/watch?v=Qzjf742qmYQ&feature=related     Tony

[Arpita Korwar]

Hi,

I'd rather keep my contribution anonymous. :) So, I wont fill in the
spreadsheet.

Thank you,
Arpita Korwar

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--
Arpita Korwar,
Research Scholar,
Department of Computer Science and Engineering,
IIT Kanpur.
--
http://www.cse.iitk.ac.in/users/arpk/
--

[Harsh Raju Chamarthi]

u can fill in the spreadsheet AND be anonymous. Just fill in the
amount and in the name say "anonymous".

The moderator can make the list public, if there is a chance that the
identity of the modifier of the excel sheet be known otherwise.

The idea is to keep track of contributions.

[Mr Himanshu Kamra]

Folks, I had a concern regarding direct transfer of money to an individuals account. To my understanding, any amount offered as gift, which constitutes a sum greater than 50k is taxable. It is classified as alternate source of income. Can some one please check this, we do not want our contributions to be taxed! -Regards Himanshu

[Tony Thomas]

Dear All,   Our contributions through direct bank transfer will be taxable as an additional source of income for Balram sir. The only way to get rid of this is to pool the money through some other channel  or to set up a non profit trust. First option is not feasible as the contributors are spread across several continents. Second option is not advisable as the sum which we will be able to pool at this moment will not be going to be a significant amount to set up a trust to take care of the Taekwondo activities.  Further, he may not be able to use the fund in the trust for personal benefits such as marriage of daughter, education etc. Finally, setting up a trust with IITK  involves several administrative and legal obstacles.      People so far have committed in the range 2,000 to 30,000 rupees. Assuming that  30 peope will contribute,  I think the sum will be going to be in the range 2-3 lakh rupees only.  So, I think he can take care of the additional tax liability himself which I don't think is going to be a huge amount (I think even his total salary/wage/fees from IITK itself is below the taxable income limit)  or he himself can invest it in any tax saving scheme.   Best regards,   Tony.  --- On Mon, 6/14/10, Mr Himanshu Kamra <himansh...@yahoo.co.in> wrote:

[Gaurav]

Hi, How about using Paypal? Regards, Gaurav

[Divya Rathore]

Paypal is no tax magician, I would say.

Same things are valid there. In fact, maybe more as a 3rd party that is commercial in its activities would now be involved.