Form 10BD of Income Tax Act

Form 10BD of Income Tax Act

Form 10BD is to be filed electronically through the e-portal of the Income Tax Department. The form should be signed through the digital signature of the person authorized to sign the ITR of the trust. Form 10BD could be verified through EVC also. Form 10BD is also required to be furnished by research institutions, colleges, universities or other institutions under clause (i) to section 35(1A) of the IT Act.

The Form 10BD relevant to a financial year has to be filed on or before 31^st May of the subsequent financial year. Hence for the FY 2021-22, the form has to be submitted on or before 31^st May, 2022.

Form 10BD of Income Tax Act – Details required:

1. Name of donor.
2. Contact address of donor.
3. Nature of donation- corpus/ specific grant/ others
4. Mode of receipt- cash/ kind/ Electronic modes including account payee cheque/draft/ others
5. Amount of donation
6. PAN No. /Aadhar No./ Tax Identification No. of the donor (in case of Foreign donor)
7. Section under which donation was received

Consequence for non-filing Form 10BD:

The reporting entity is mandated to comply with the filing of Form 10BD and failure to comply 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 a statement of donation in Form 10BD, failure to file such a statement will also attract a penalty of u/s 271K, which shall not be less than Rs. 10,000/- but may extend up to Rs.1,00,000/-.

You can download the Form 10BD of the Income Tax Act PDF using the link given below.