Form 10BD Statement of donations under Income-tax Act, 1961

Background

Sections 80G(5) and section 35(1A) of the Income-tax Act, 1961 (hereinafter referred to as the Act) requires furnishing of statement of donation received and the issue of donation certificates to the donors for claiming deduction from the gross total income.

This notification has framed the rules for furnishing such statements and certificates of donation to donors. For this purpose, Rule 18AB was inserted vide Finance Act, 2021.

Notified form

These statements in Form 10BD are required to be e-filed by a registered Charitable Trust with Income Tax before 31st May 2022 giving the following information about the donations received by it whether general or corpus:

Name of the donor

PAN/Aadhar/Voting Card/Election ID of the donor

Amount of Donation in Rupees

Type of donation

All donations need to be reported.

There is no threshold available.

In case of no such donations received by the trust, Income Tax Portal has not allowed to file a NIL Form 10BD.

The trust is required to upload a CSV file on its Income Tax login page. There the system will take 24 hours to accept/reject this form and Form 10BE (Certificate of Donations) can be downloaded. These certificates must be downloaded before 31st May 2022.

Verification

Form 10BD can be signed by the authorized signatory/trustee by using Digital Signature Certificate or electronic verification code.

Late Fees

Any delay in e filing Form 10BD attracts late filing fees of Rs. 200 per day (Section 234G). Section 271K attracts a penalty of Rs. 10,000 to Rs. 1,00,000 for failure to file a statement of donation in Form 10BD.

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