E Manivannan wrote:
Hi All, I wanted to give an update on finance management of Pycon India 2018.
We were torn between forming a new organization vs using an existing organization for finance management. After a lot of thought and deliberation with different people within the community, we have chosen to form a new organization to manage finance for current Pycon & future as well. As part of creating the new organization, we have taken over "Section 8 non-profit Company" - "Association For Promotion Of Free Open Source Technologies" AFROST. This company doesn't have any liability or any transactions and the members were happy to transfer it. Decision to take over this entity was primarily based on time constraint b\c opening new entity would take some time. To know more about Section 8 Company - https://www.legalraasta.com/blog/need-know-section-8-company/ For this new entity, we are nominating 5 new interim Directors given below.
- Ramanathan [Hyderabad] Satyaakam [Delhi] Chandan [Pune] Vijay [Chennai]
Noufal [Kochi] We are forming working committee for formulating the direction & charter of this new organization. This committee will propose it's delibration & outcome to the community at the end of Pycon India conference and will be dissolved after the conference. Members of the committee are below.
- All Interim Directors Mani [Hyderabad] Akshay Aradhya [Delhi]
Yet to Confirm [Bangalore] Responsibility of Interim Directors:
Manage funds of Pycon India 2018.
Present the recommendation by “Working Committee” in AGM. AGM will be conducted at the end of Pycon conference day. Implement the final resolution passed at AGM. Conduct election for new directors. Responsibility of Working committee:
Update the existing “Memorandum of Association (MOA)”, “Articles of Association (AOA)” and come up with new name. Come up with Bylaws & Rules for adding members & term for Directors, and operations. Come up with rules/process for Director election. I believe this new organization is the step in right direction for Python community in India. This organization should be based on trust, commitment, mutual respect for people & be social responsible. Note: Member of interim director & working committee are chosen on two factors. One based on representation from different communities and another based on experience in creating & managing organizations. Regards, __Mani Chair@PyconIndia2018
Hello, here I will tell you how to save tax on income in India through Legal way. The person or business entity needs to incorporate a Section 8 company in India & Transfer or donate your Income in the NGO and That NGO get Deduction under 80G & 12AA of Income Tax Act, 1961.
Most of the people don't know about section 8 company or NGO & Its various Benefits. So here I will provide you with a link then you are able to know the whole story.
Thanks Gaurav Estella Consultancy