Govt clears cloud over NGO tax breaks

The Income Tax department has got the power to cancel any charitable organisation’s registration that accords it the benefit of tax exemption. The department can annul the registration and the exemption emanating from it if the organisation is found...

RBI asks banks to be vigilant on NGOs

The Reserve Bank of India, or RBI, has asked commercial banks to be vigilant while dealing with non-profit organizations, to ensure that banks are not used as conduits for either money laundering or terrorist finance. This means that banks will have to...