Finance Act 2021 introduced an amendment where the trusts had to file a statement of donations received in each financial year as per section 80G(5)(viii) and as per section 35(1A)(i).
Contents of the Form
The details that are mandatory for the Form are:
- PAN or Aadhaar or Tax identification of the Donor.
- Name of the Donor
- Address of the Donor
- Nature of donation(Corpus, specific to a grant or Others)
- Mode of Donation (Cash, Electronic mode)
- Amount of Donation.
Procedure to File 10BD
- Step 1: Log in with the credentials on the Income tax portal.
- Step 2: Click on e-file and select file Income Tax Forms
- Step 3: Under the Forms select form 10BD.
- Step 4: Select the Financial Year
- Step 5: The form has 3 parts
- Under Part 1: Provide the basic details of the trust.
- Under Part 2: Provide information of the donation received this needs to be given in the format provided by the Income Tax download the same and input the details and save the file in CSV format.
- Under Part 3: After filling in all data, upload this CSV file to the portal. This online form comes with the auto-save feature in order to retrieve the data entered. Click on the "Verification" tab and preview all relevant details.
- Step 6: Check on the details provided and continue by clicking proceed to verify. Verification can be done by Aadhar OTP, DSC or EVC.
- Step 7: Download the Certificate after verification.
Form 10 BE
After filing the statement of donations in Form 10BD, one can download the certificate in Form 10BE and provide the same to donors.
Due Date
The last date to submit the statement in Form 10BD is 31st May immediately following the end of the financial year in which the donation was received.
Consequences of Failure to File 10BD
As per section 234G Non-filing of Form 10BD will attract a fee of Rs.200/- per day As per section 271K failure to file such statement will also attract penalty which shall not be less than Rs.10,000/- and which may extend up to Rs.1,00,000.
CAclubindia
