Donating to charitable organizations not only fulfills our social responsibility but also offers tax benefits under Section 80G of the Income Tax Act.
However, for trusts and other entities receiving donations, compliance with reporting requirements is crucial. One such requirement is the filing of Form 10BD, the Statement of Donations Received.
And The person who make Donation is to collect From 10BE to claim deduction of Donation paid under Section 80G in Income Tax Return.
Ensure Donations claimed in Income Tax returns u/s 80G match Form 10BE figures
What is Form 10BD?
To be filled by Persons who received Donations.
Form 10BD is a statement of donations received to be filed mandatorily as per section 80G(5)(viii) and as per section 35(1A)(i). It shall be furnished electronically using DSC or EVC.
Note: If no donation is received during the financial year, the above form is not needed.
What is the due date for filing the statement in Form 10BD?
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.
What is Form 10BE?
After filing the statement of donations in Form 10BD, institutions have to download the certificate in Form 10BE and provide the same to donors.
What is the due date for issuing a certificate in Form 10BE?
The last date to issue a certificate to the donor in Form 10BE is 31st May immediately following the end of the financial year in which the donation was received.
Do I need to e- verify while submitting the Form 10BD?
Yes, Your form will be submitted once you complete e-Verification of the form using DSC/EVC/OTP on registered mobile number.
What are the Consequences of Non-filing of Form 10BD?
Non-filling of Form 10BD will attract a fee of Rs.200/- per day of delay as per newly inserted section 234G. Apart from the fee for delay in furnishing statement of donations in Form 10BD, failure to file such statement will also attract penalty u/s 271K, which shall not be less than Rs.10,000/- and which may extend up to Rs.1,00,000.
Key Points to Note:
📌 Deadline for Furnishing Form 10BD: The last date to furnish Form 10BD is the 31st of May following the end of the financial year in which the donations were received.
📌 Issuance of Certificate in Form 10BE: Entities must issue certificates in Form 10BE to donors by the same deadline of 31st May after the end of the financial year.
📌 No Donations Received: If no donations were received during the financial year, there is no requirement to file Form 10BD.
📌 Mode of Furnishing: Form 10BD must be furnished under Digital Signature Certificate (DSC) if the Income Tax Return (ITR) is also filed under DSC. Otherwise, it can be filed through Electronic Verification Code (EVC) as per Rule 18AB.
📌 Late Fee for Delay: A late fee of Rs. 200 per day may be imposed for delays in filing Form 10BD or issuing certificates in Form 10BE.
📌 Limitation on Late Fee: The late fee imposed cannot exceed the donation amount for which the failure to file or issue occurred, as per Section 234G.
📌 Penalty Imposition: In cases of failure to furnish Form 10BD or issue certificates in Form 10BE, the Assessing Officer (AO) may impose a penalty ranging from a minimum of Rs. 10,000 to a maximum of Rs. 1 lakh, as per Section 271K.
How To File Form 10BD Online?
As per the new rules, it is mandatory to file Form 10BD electronically or digitally through the official website of the Income Tax Department. Also, it is important to note that the authorised person needs to sign this Income Tax Return of the reporting entity.
Below you will find a step-by-step guide to filing Form 10BD:
Visit Income Tax Portal and log in.
Under the “e-file” tab, click on “Income Tax Forms” and locate Form 10BD.
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