The issue of receiving proceeds from non-FCRA sources has always been a prickly issue, as often bankers do not allow remittances from local sources to be deposited in the FCRA bank account.
SBI has now started allowing deposit of proceeds generated from local sources in FCRA bank account, on the condition that the depositor provides a Chartered Accountant certificate to the effect that the assets in question were procured from FCRA funds.
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Socio Research & Reform Foundation (NPO)
512 A, Deepshikha, 8 Rajendra Place,
New Delhi – 110008
in that case, what are the implications on account of this? So the income of the NPO will automatically shown higher right which obviously increase the tax burden??