New Delhi, May 6 (IANS) Since the Indian Red Cross Society is a not-for-profit organisation, and not a business entity, it will be exempted from Income Tax, Union Health Minister Ghulam Nabi Azad said Friday.

 
 “Income tax exemption will be given to them (Red Cross Society) from 1st June 2011. This will help us go a long way in optimising our resources for our organisation,” said Azad, who is also chairman of the society.
 
 “This is a not-for-profit organisation, not a business entity which should be taxed. So we took up the matter with the finance minister and he agreed,” Azad said at a function here to mark World Red Cross Day on May 8.
 
 Officials of the society said the exemption has been delayed by three years, but is nonetheless welcome. “It was supposed to start three years ago, but we welcome it wholeheartedly. Our income is mainly from bank interests on donations, which should not be taxed,” an official said.