Form 10BD of Income Tax Act - Summary
Form 10BD is a crucial document that needs to be filed electronically through the Income Tax Department’s e-portal. This form must be signed using the digital signature of the person authorized to sign the Income Tax Return (ITR) of the trust. Additionally, Form 10BD can also be verified through an Electronic Verification Code (EVC). It is important to note that this form is also required from research institutions, colleges, universities, and other entities as specified under clause (i) to section 35(1A) of the Income Tax Act.
The relevant Form 10BD for a financial year must be submitted on or before the 31st of May of the following financial year. For instance, for the financial year 2021-22, the form needs to be filed by 31st May 2022.
Understanding Form 10BD of Income Tax Act
Form 10BD of Income Tax Act – Details Required:
- Name of donor.
- Contact address of donor.
- Nature of donation – corpus / specific grant / others.
- Mode of receipt – cash / kind / Electronic modes including account payee cheque / draft / others.
- Amount of donation.
- PAN No. / Aadhar No. / Tax Identification No. of the donor (in case of Foreign donor).
- Section under which donation was received.
Consequences for Non-filing Form 10BD:
It is mandatory for the reporting entity to file Form 10BD. If you fail to do so, you will face a fee of Rs. 200/- per day of delay, as per the newly added section 234G. Besides this daily fee for not submitting the donation statement in Form 10BD, not filing such a statement may also result in a penalty under section 271K. This penalty cannot be less than Rs. 10,000/- and may go up to Rs. 1,00,000/-.
You can download the Form 10BD of the Income Tax Act PDF using the link given below.