Hi,
I am planning to open an NRO current account solely for charity where in I’ll be collectting small amounts from my family and friends and donating all the money collected to charity.
have got few questioins on this
– Is there anything illegal in this?
– What are the tax implications? I know if I dont donate the money I’ll be paying straight 30% tax but I have no intentions to do so as I’ll be donating all the money, also I’ll be publishing the complete account statement to my friends and family.
thanks
Rajeev