Taxontips
No Result
View All Result
Thursday, November 30, 2023
Login/ Register
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

Due date for filing Form 10BD by trust or research institution is 31st May | Fees for delay in filing Form 10BD

Income tax Expert by Income tax Expert
May 25, 2022 - Updated on May 26, 2022
in Income Tax News
0
Contribution to Rajasthan Chief minister’s Relief fund eligible for 100% deduction u/s 80G – PAN and other details of the same
195
SHARES
2.4k
VIEWS
image_pdfPDFimage_printPrint

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:

  1. 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]
  2. Section code: 80G, 35(1)(ii), 35(1)(iia) or 35(1)(iii).
  3. Name of Donor:
  4. Address of donor:
  5. Donation type: Corpus, Specific grant, others
  6. Mode of Receipt: Cash, kind, electronic mode, others
  7. 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.

 

You can book phone consultation/ assistance online with expert as mentioned below:

To book ITR filing with experts CLICK ME.

To book phone consultation with experts for any Income tax related matters CLICK ME.

To book consultation for Faceless Assessment with experts CLICK ME.

To book phone consultation with experts for GST related matters CLICK ME.

To book general phone consultation with expert CLICK ME.

 

Connect with us on: LinkedIn, Telegram, Instagram, Facebook and Youtube for regular Updates.

image_pdfPDFimage_printPrint
Tags: Income tax updatestax relief for donationtaxontips
Previous Post

Welcoming Step by CBIC on recent Gurugram incident | GST officer suspended

Next Post

Documents and Form required for applying PAN in case of Foreign citizen or non resident or Foreign company

Related Posts

Due date for Tax audit for A.Y. 2019-20 extended from 30th September to 31st October
Income Tax News

What is discard return? How to discard Income tax return? FAQ on discard return

November 29, 2023
CBDT issues circular for detailed explanation on TDS deduction u/s 192 of the Income tax act
Income Tax News

Inoperative PAN resulting in TDS notice to deduct TDS at the rate of 20%. Here’s why?

November 16, 2023
Calculation sheet for comparison of tax payable under new and old tax regime for individual and HUF – 115BAC
Income Tax News

Comparison between Section 115BAC before and after AY 2024-25

November 15, 2023 - Updated on November 16, 2023
Tax rate of domestic companies slashed/ reduced to 15% and 22% – What’s the truth? – A Summary
Income Tax News

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22

November 7, 2023
GST registration
Income Tax News

GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore

November 6, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

ITR V showing invalid due to non-verification for income tax return filed by audited entities [AY 2023-24]

November 2, 2023
Next Post
Mentioning the new address in Income Tax Return is not enough for change of address in Income Tax database: Supreme Court judgement

Documents and Form required for applying PAN in case of Foreign citizen or non resident or Foreign company

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline
  • What is discard return? How to discard Income tax return? FAQ on discard return
  • CGST Delhi East busts a syndicate of 48 fake firms availing fraudulent ITC of over ₹199 crores in “Operation Clean Sweep”, 3 arrested
  • ITC reversal on account of Rule 37(A) by the recipient
  • Inoperative PAN resulting in TDS notice to deduct TDS at the rate of 20%. Here’s why?

Recent Comments

  • Srinivasan Venkatasubramanian Venkatasubramanian on GST turnover limit for services increased to Rs. 40 lakh by CBIC?
  • Notification under PMLA by Ministry of Finance which could affect CA, CS and CMA - Taxontips on CA, CS and CMA now under PMLA. KYC of clients required
  • ITR 4 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips – Taxontips on Businessman with turnover below 1 crore and having profit below 8% need to compulsorily get books of accounts audited: Let’s find out
  • Can a person earning income from speculative business transaction file return u/s 44AD of Income tax act - Taxontips on How to calculate turnover in case of intra day and future and option trading for Income Tax purpose?
  • Extension of last date for updation of Member’s Profile with GSTIN at Self Service Portal – Till 23rd April, 2023 - Taxontips on Updation of Member’s Profile at Self Service Portal with GSTIN to get GST credit till 15.04.2023

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

November 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« Oct    
  • GSTR 9/ 9C extended : AGAIN

    GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning

    6458 shares
    Share 2583 Tweet 1615
  • How to pay Membership and COP fees of ICAI for 2020-21 |

    6358 shares
    Share 2543 Tweet 1590
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods

    5753 shares
    Share 2301 Tweet 1438
  • Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020

    4772 shares
    Share 1909 Tweet 1193
  • SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type

    4000 shares
    Share 1600 Tweet 1000

Recent Notification

Data of GST website under comparison of liability declared and ITC claimed tab not available

Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline

November 30, 2023
Due date for Tax audit for A.Y. 2019-20 extended from 30th September to 31st October

What is discard return? How to discard Income tax return? FAQ on discard return

November 29, 2023

RSS Taxontips

  • Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline
  • What is discard return? How to discard Income tax return? FAQ on discard return
  • CGST Delhi East busts a syndicate of 48 fake firms availing fraudulent ITC of over ₹199 crores in “Operation Clean Sweep”, 3 arrested
  • ITC reversal on account of Rule 37(A) by the recipient
  • Inoperative PAN resulting in TDS notice to deduct TDS at the rate of 20%. Here’s why?
  • Comparison between Section 115BAC before and after AY 2024-25
  • Advisory for the procedures and provisions related to the amnesty for taxpayers for filing appeal under GST
  • Statutory Compliance Calendar for November 2023 | Income tax, GST and various other laws
  • Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration
  • Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Q & A
  • Privacy Policy
  • Terms of use

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!