Form 10BD needs to be filed by the trust, company or organization registered under section 35 or section 80G which is accepting any amount or donation. In the said form details of donations received for which 80G or section 35 benefits are available needs to be provided and same needs to be filed online, against which a Certificate will be generated in Form 10BE which needs to be provided to the donor by such organization. Effective from FY 2021-22.
Due date for completing both the above task is 31.05.2022 as mentioned in rule 18AB of the Income Tax rules.
The following details would be required by the trust or organisation of the donor to file Form 10BD:
- Unique Identification number: 1st priority in case of resident donor: PAN or Aadhar. Next priority: Ration card, Electoral card, Driving license, Passport number. In case of non-resident: Passport number or Tax identification number of the country in which he is resident]
- Section code: 80G, 35(1)(ii), 35(1)(iia) or 35(1)(iii).
- Name of Donor:
- Address of donor:
- Donation type: Corpus, Specific grant, others
- Mode of Receipt: Cash, kind, electronic mode, others
- Amount of donation:
If a single donor has made donation for different purpose and covered under different sections then 1 line item needs to be added for each section for each donor.
Important points to keep in mind:
- Form No. 10BD is only required to be filed by trust who are registered under section 80G or section 35.
- If a trust registered under 80G or 35 have not received any donation/ receipt during the year they need not file anything.
- In case of a trust if an 80G donation receipt has been issued the details needs to be mentioned in Form 10BD irrespective of whether the donation will be allowed to donor as deduction or not. For eg: A person gives donation of Rs. 10000 in cash to a trust under 80G, then he might only get deduction of Rs. 2000 as donation has been made in cash but the trust needs to report entire 10000.
To have a look at the Forms and Certificate Format CLICK HERE: Form 10BD (Form to be filed by Trust or organization accepting donation. Form 10BE: Certificate to be issued by such organization to the donor.
Late fees for delay in filing or not filing of Form 10BD and not issuing certificate in Form 10BE:
As per section 234G of the Income Tax Act there will be a late fees of Rs. 200 per day in case of delay in filing Form 10BD or delay in furnishing certificate in Form 10BE to the donor.
As mentioned above due date for both the above things is 31.05.2022. So any delay in filing Form 10BD or issuing certificate in Form 10BE after 31.05.2022 would attract late fees of Rs. 200 per day.
Penalty for non-filing of Form 10BD:
Non-filing of Form 10BD could attract penalty u/s 271K of the Act between the range of Rs. 10,000 to Rs. 1,00,000. Relevant extract of section 271K are as under:
“Without prejudice to the provisions of this Act, the Assessing Officer may direct that a sum not less than ten thousand rupees but which may extend to one lakh rupees shall be paid by way of penalty by—
(i) the research association, university, college or other institution referred to in clause (ii) or clause (iii) or the company referred to in clause (iia) of sub-section (1) of section 35, if it fails to deliver or cause to be delivered a statement within the time prescribed under clause (i), or furnish a certificate prescribed under clause (ii) of sub-section (1A) of that section; or
(ii) the institution or fund, if it fails to deliver or cause to be delivered a statement within the time prescribed under clause (viii) of sub-section (5) of section 80G, or furnish a certificate prescribed under clause (ix) of the said sub-section.]”
We believe that government will integrate this with the income tax return of the individuals/ other person and give them a Income tax return pre-filled with donation details so that they don’t have to worry that under which section and upto what extent they will get deduction for such donation.
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