This section will outline the process of allocating ITBHU.ORG funds as approved by the board of directors. Obviously the process is an evolving one so we can apply the limited resources and funds to obtain the best returns in the form of institute betterment and student improvement.
Will be updated in the near future.
Review and Post Comments (0)Tax Benefits
USA
Internal Revenue Services (IRS) of US has granted tax exempt status to ITBHU.org under section 501(c)(3). Section 501(c)(3) is one of the tax law provisions granting exemption from the federal income tax to non-profit organizations.
This makes past donations (post Nov 17 2003) and future donations to ITBHU.org tax-deductible. So people who have donated to ITBHU.org earlier can claim tax deductions as per IRS rules.
This also would help alumni in providing matching grants to ITBHU.org - so do ask your organisation if your donations to ITBHU.org would be matched by them.
While filing taxes the donors will have to mention the tax ID for ITBHU.org
India
We are working on getting tax exemptions in India.
Legal Issues
We will keep updating this section as and when we have necessary confirmations.